Chart of the Week - Bitcoin
A quick follow up on our previous chart of the week at the end of January where we saw Bitcoin struggle to rally with Large Speculators net-long. As of this past Friday (when COT data is released) Large Speculators remain net-long and Bitcoin continues to trade at the lower end of the three month range.
Will this time be any different, or will Bitcoin rally only when Large Speculators give up on their longs and go net-short, as Bitcoin has done in the past. Another interesting note, Small Speculators are the least long they have been in one year, so on an indexed level, that gives them a value of zero (crowded short → least long = bearish). Will they be right and will Bitcoin go down from here?
We will find out more info this Friday when the new COT data is released and the charts and index below are updated with new trader positioning. Should be interesting to watch this year with the new administration and their bullish stance on Crypto.
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