Bitcoin (BTC) traders on the cryptocurrency exchange Binance have shown a bullish bias, with 75% of the 24-hour open positions being long. This hints at a positive sentiment from retail traders, but the volume remains neutral with a balanced long/short ratio.

Finbold retrieved data from CoinGlass on June 30, which shows the imbalance between unique account traders going long on Bitcoin. In particular, three in every four accounts opening derivatives positions have gone long, betting the price will increase from here.

This ratio refers to the last 24 hours for BTC/USDT perpetual contracts on Binance. Notably, this is, by a large margin, the most traded pair in the cryptocurrency market. Binance has over 50% of Bitcoins global volume, while the USDT makes over $1 trillion daily.

On the other hand, the overall trading volume for Bitcoin derivatives in all markets remains neutral and slightly bullish. 51.54% of the trading volume deployed to open positions in the last 24 hours is long BTC.

The divergence between the number of accounts and the USD volume suggests that longs are mostly held by retail traders. Usually, this class of investors acts through emotion, making decisions motivated by FOMO or FUD and becoming a target of whales that can move the market up and down, liquidating retail traders for profit.

As reported by Finbold, Bitcoin faces a challenging time amid sell-offs by the governments of Germany and the United States. Moreover, Mt. Gox has announced the repayment of over $8 billion in BTC, which has been awaited for over a decade.

In this context, Bitcoin miners started capitulating with record-low reserves and produced hashrate. Meanwhile, old-time supporters like Peter Thiel have lost conviction in the cryptocurrencys fundamental value proposition.

Nevertheless, the BTC price remains within a four-month range, testing support at $60,000, currently trading at $61,500. Crypto traders and investors still foresee a bright future for Bitcoin, with projections ranging from $80,000 to $500,000 despite the fundamental challenges.

BlackRock (NYSE: BLK) and other Bitcoin spot ETF issuers continue to push the maiden cryptocurrency among traditional finance investors, which is expected to generate mid-term demand. Wall Street has recently sold considerable amounts, but the ETFs still display monthly positive capital flows, indicating a bullish bias.

Nevertheless, everything can happen when trading volatile assets such as cryptocurrencies. Speculators must be cautious while getting too much exposure through leverage and understand the inherent risks within these operations.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk

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Three in every four Bitcoin traders are bullish on BTC - Finbold - Finance in Bold