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
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.”
Altcoins and futures outperforming spot bitcoin
Altcoins, or smaller coins other than bitcoin, are outperforming the largest digital currency Friday. Ether
was up 0.4% at $197.93, Bitcoin Cash
was up 0.2% at $423.10, Litecoin
had gained 0.5% at $50.34 and XRP,
was up 0.4% at 46 cents.
Bitcoin futures were outperforming spot price in Friday trading. The Cboe Global Markets November contract
was up 0.4% at $6,340, while the CME Group November contract
was up 0.5% at $6,345.
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