Bitcoin IG Client Sentiment: Our data shows traders are now at their most net-long Bitcoin since Jul 27 when Bitcoin traded near 11,220.88.

Number of traders net-short has decreased by 12.37% from last week.

Bitcoin: Retail trader data shows 91.12% of traders are net-long with the ratio of traders long to short at 10.26 to 1. Our data shows traders are now at their most net-long Bitcoin since Jul 27 when Bitcoin traded near 11,220.88. The number of traders net-long is 5.69% higher than yesterday and 0.54% lower from last week, while the number of traders net-short is 6.86% lower than yesterday and 12.37% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Bitcoin prices may continue to fall.

Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Bitcoin-bearish contrarian trading bias.