Bitcoin Might Be on a Reversal Edge According to This Indicator
According to on-chain analytics firm Santiment, Bitcoin saw the bulk of weekend discussions on the market centered on it as its price plunged beneath the $18,000 mark. "We often see major price reversals correlate precisely with high social volume rates, and BTC has jumped +15.8% since," Santiment wrote in a note alongside the chart provided.
Cryptoanalyst Ali Martinez indicated in a recent tweet that the BTC Long/Short Ratio has declined to near 1.05 on Binance futures. He noted that nearly 48.87% of all traders with an open position in Bitcoin are net short. "This is good news as you want the crowd to be bearish when BTC rebounds," the analyst noted. Bitcoin podcaster Max Keiser again shared his earlier predictions that Bitcoin might soar to the $220,000 level this year.
Source
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