Bitcoin CoT data the shows the markets have turned long
|- Asset managers increased long positions by 48 contracts and cut 49 shorts.
- Leveraged funds increase long positions by 353 and cut 311 shorts.
The price action in bitcoin has reflected the increased bullishness from fund managers and leveraged funds as the price rose pretty nicely. As soon as the price hit 7K the market sold off pretty aggressively. It will be interesting to see next weeks data to see if the longs increase again after the BTC/USD price hit a brick wall. Interestingly, the positions held by asset managers and leveraged funds are still in favour of the short side. This means the longs still have a lot of catching up to do.
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