Bitcoin CoT report: The market is still net short but the position changes favour the bulls
- CFTC data shows the market is still net short.
- Asset managers are short 256 vs 93 longs.
- Leverage funds are short 1,257 vs 894 long.
Although this data shows the market is net short Bitcoin futures the changes from last week make for interesting reading. Asset manager shorts have been trimmed by 42 contracts, while longs added 37 contracts
Leveraged funds cut shorts by 412 contracts, while longs cut 261 contracts. This means that both the asset manager and leveraged funds are more bullish compared to last week.
Bitcoin has pulled away from the lows seen on 25th November and we are close to being USD 1000 above that level. The issue at the moment is that bulls cannot seem to gather any momentum when the price gets anywhere near 8K.
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
