Bitcoin bounces back to over $3,900 in recovery mode

Bullish bets on bicoin are way up

Bitcoin (BTC) the largest cryptocoin by market value, has seen bullish bets reach 11 month highs today, that is according to data on the BItnex exchange. The number of long positions on Bitcoin dollar-denominated exchange rate leapt to $38,237 at 4:10 BTC. This is the highest level since March 30 of 2018. As Omkar Godbole’s article went to press at 20:19 UTC they were still at 36,176.

While the long positions have risen by 35 percent the last three weeks, short positions are mostly unchanged. This has resulted in the long-short ratio changing from 1.18 to 1.5. The ratio is regarded as a good barometer of market sentiment.

While the market mood is now more bullish, long positions are still markedly short of the record high of 40,193 hit on March 26 2018.

Bitcoin reaches multi-week high

Bitcoin has rallied to 5.5 week highs above $3,900. This has likely cleared a path to a convincing move above $4,000. This will probably attract even more buyers that could push the longs to record highs.

As Godbole posted his analysis on CoinDesk, BTC was trading at $3,912 on Bitfinex. This was the highest level since January 10. If and when the bullish sentiment becomes extreme, Bitcoin could be subject to a sudden pullback in prices as long positions unwind. However there is no sign of that as yet.

Present situation

24 hours ago BTC opened at $3,625, its low for the day. The high was $3,947 a bit shy of the $4,000 level. At 18:40 Central Standard Time, Bitcoin was trading at $3,934 not that far off its high according to CoinDesk data. Bitcoin seems to gathering some steam to the upside. The present price of Bitcoin can be found here

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