Cryptocurrency

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Cryptocurrency analysis firm Alphractal has suggested that a local peak may have formed in Bitcoin’s price, noting a significant divergence between Bitcoin’s Long/Short Ratios and several major altcoins. 
Alphractal noted in his statement that when the altcoins’ Long/Short Ratio deviates significantly from Bitcoin’s, this has historically signaled a local top in Bitcoin’s price action. 
“Altcoins like XRP, ONDO, LINA, KAS, and DOT are among the altcoins with the highest Long/Short Ratios, contributing to an average value of 2.48 across all altcoins,” Alphractal said. In comparison, Bitcoin’s Long/Short Ratio currently stands at 0.87, indicating a significant number of investors are short. This trend has been pushing Bitcoin’s price upwards recently. 
Related News: <a href="https://en.bitcoinsistemi.com/volatility-increase-expected-in-bitcoin-expert-analyst-speaks/" target="_blank" rel="dofollow">Volatility Increase Expected in Bitcoin: Expert Analyst Speaks</a> 
However, Alphractal warned that such low Long/Short Ratios for Bitcoin are unlikely to continue for long, as they typically signal a shift in market sentiment. The firm noted that when the gap between Bitcoin’s Long/Short Ratio and altcoins grows particularly large, the Bitcoin price struggles to maintain its upward momentum, forming local tops over the past 240 days. 
*This is not investment advice. 
 Continue Reading: <a href="https://en.bitcoinsistemi.com/local-peak-seen-in-bitcoin-analyst-cites-these-5-altcoins-as-examples/">Local Peak Seen in Bitcoin? Analyst Cites These 5 Altcoins as Examples</a>

Local Peak Seen in Bitcoin? Analyst Cites These 5 Altcoins as Examples

Bitcoin Sistemi EN

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