• BTC is about to hit another ATH.
• More traders have taken short positions despite this trend.

Despite Bitcoin [BTC] trading at $104,500 and maintaining a strong upward trend, the long/short ratio on Binance reveals nearly 60% of traders holding short positions. With BTC trading above key moving averages, bulls remain in control, poised to push prices higher if resistance at $105,000 is breached.

Long/short ratio signals growing bearish bias

The latest long/short ratio data analysis on Coinglass highlights that nearly 60% of traders on Binance are holding short positions against Bitcoin. This significant skew toward bearish sentiment reflects cautious sentiment among market participants, even as BTC continues its upward trend. 

The long/short ratio charts depict a consistent dominance of short positions over the last two trading sessions. The trend suggests that many traders are hedging against a possible correction or overbought conditions.

Interestingly, this bearish sentiment comes at a time when Bitcoin has maintained a strong price trajectory, trading around $104,500.

Such a divergence between sentiment and price performance may hint at underlying market strength, with bears potentially setting themselves up for liquidation in the event of further upside momentum.

Liquidation trends: Shorts face increasing risk

Over the past two trading sessions, the liquidation data reveals that short positions have faced heavier liquidations than longs. The most recent trading session saw a notable spike in short liquidations, with 68.78 million for shorts and $13 million for longs.

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Author: Adewale Olarinde