According to many leading analysts of the market, many factors in Bitcoin (BTC) push the BTC price below $ 40,000. But crypto futures data shows that professional traders remain unbiased and remain hopeful for a quick trend reversal.
Data shows traders on the rise
United States Fed balance sheet cuts are putting pressure on stocks and risk assets as Bitcoin loses its appeal, according to analysts. Decentrader co-founder filbfilb agrees with these strong sources of resistance, arguing that the Fed’s action could affect the BTC price trend in the “coming months”. The chart below shows that traders have recently borrowed more USDT. According to crypto experts, this shows that this has risen from 9.6 on April 8 to the current 15.9, a two-month high.
According to experienced analysts, the long-short position ratio of top Bitcoin traders does not include externalities that may have affected their long-term trading instruments. As Cryptokoin.com has previously reported, by analyzing these positions on spot, permanent and forward contracts, it can be better understood whether professional investors tend to rise or fall.
Bitcoin must-watch levels
Apart from a brief increase in BTC’s long-short ratio on April 6, professional traders have slightly lowered their long (bullish) positions since March 31. This move is in stark contrast to the margin trading markets presented previously and showed significant sentiment. In the first week of April, while recovery experts are baffled, ideas for the cause of the deterioration are carried out. The most likely factor, according to analysts, seems to be that the BTC price has dropped 32 percent in 12 months.
According to analysts, although BTC pushed the $48k levels at the end of March, futures traders were not yet ready to create bullish positions using leverage. A positive outlook may still be possible as the bitcoin price is down 15% since March 29.
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