• Long positions outweighed shorts despite BTC’s fall below $27,000.
• An increase in buying pressure alongside increasing volatility could be vital to the recovery.

Bitcoin’s [BTC] drop to $26,794 is normally supposed to spread fear about another decline since the king coin was able to hold on to $27,000 for a number of days. However, traders are unperturbed by the decline and are doubling down on long BTC positions.

Read Bitcoin’s [BTC] Price Prediction 2023-2024

Unmoved by the decline

Pseudonymous analyst and trader Ali Charts made mention of this unprecedented circumstance on 11 October. Using the Bitcoin long/short ratio indicator, Ali revealed that 65.33% of the positions in the market were long.

As #Bitcoin dips below $27,000, more than 65% of all accounts on #Binance with an open $BTC futures position are going long! pic.twitter.com/LVmNnu9ea5

— Ali (@ali_charts) October 11, 2023

This disparity ensured that the long/short ratio jumped to 1.88. Typically, a value below 1 for the indicator implies that there are more short positions.

So, the value

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Author: Victor Olanrewaju

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