Bitcoin set for back-to-back losing weeks

Bitcoin prices are trading mostly unchanged Friday, but on track to log back-to-back weekly losses, and the fifth over the past six weeks.

In early Friday trading, the price of one bitcoin

BTCUSD, +0.38%

 was last changing hands at $6,359.11, up 0.1% since 5 p.m. Eastern Time Thursday on the Kraken cryptocurrency exchange.

Despite the grind lower, data suggests retail investors haven’t thrown in the towel.

“Retail trader data shows 82.6% of traders are net-long with the ratio of traders long to short at 4.76 to 1. The number of traders net-long is 0.7% higher than yesterday and 2.9% lower from last week, while the number of traders net-short is 2.7% lower than yesterday and 0.5% lower from last week,” wrote Jack Schwarze, research analyst at DailyFX.

“We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests bitcoin prices may continue to fall.”

Bitcoin positioning

Altcoins and futures outperforming spot bitcoin

Altcoins, or smaller coins other than bitcoin, are outperforming the largest digital currency Friday. Ether

ETHUSD, +1.01%

was up 0.4% at $197.93, Bitcoin Cash

BCHUSD, +6.58%

was up 0.2% at $423.10, Litecoin

LTCUSD, +1.76%

had gained 0.5% at $50.34 and XRP,

XRPUSD, +1.04%

was up 0.4% at 46 cents.

Bitcoin futures were outperforming spot price in Friday trading. The Cboe Global Markets November contract

XBTX8, +0.79%

was up 0.4% at $6,340, while the CME Group November contract


was up 0.5% at $6,345.

Read: The round numbers that show just how far bitcoin has come in 10 years

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