Bitcoin Futures Show Bearish Tilt as Price Tests Critical $108k Support
- The overall Bitcoin futures long/short ratio has flipped to a slight bearish bias of 51.28% short
- Bybit traders show the strongest bearish conviction, with 52.38% of positions holding shorts
- This bearish sentiment in the derivatives market is pressuring the BTC price at the key $108k support
After a bullish run since April, Bitcoin (BTC) is on track to close August in the red. The flagship coin is feeling the pressure after facing a major sell wall at $120,000 in July, a move that was driven by a significant drop in on-chain demand from whales.
Over the past 24 hours, that pressure has intensified. BTC dropped over 2% to a low of $108,570, triggering roughly $113 million in liquidations of long positions and putting a critical support level to the test.
The Data: Current Long/Short Ratios
The short-term sentiment in the perpetual futures market is leaning slightly bearish. The overall long/short ratio across the top exchanges sits at 48.72% long to 51.28% short.
Here’s the breakdown:
- Binance:…
The post Bitcoin Futures Show Bearish Tilt as Price Tests Critical $108k Support appeared first on Coin Edition.
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Bitcoin Futures Show Bearish Tilt as Price Tests Critical $108k Support
- The overall Bitcoin futures long/short ratio has flipped to a slight bearish bias of 51.28% short
- Bybit traders show the strongest bearish conviction, with 52.38% of positions holding shorts
- This bearish sentiment in the derivatives market is pressuring the BTC price at the key $108k support
After a bullish run since April, Bitcoin (BTC) is on track to close August in the red. The flagship coin is feeling the pressure after facing a major sell wall at $120,000 in July, a move that was driven by a significant drop in on-chain demand from whales.
Over the past 24 hours, that pressure has intensified. BTC dropped over 2% to a low of $108,570, triggering roughly $113 million in liquidations of long positions and putting a critical support level to the test.
The Data: Current Long/Short Ratios
The short-term sentiment in the perpetual futures market is leaning slightly bearish. The overall long/short ratio across the top exchanges sits at 48.72% long to 51.28% short.
Here’s the breakdown:
- Binance:…
The post Bitcoin Futures Show Bearish Tilt as Price Tests Critical $108k Support appeared first on Coin Edition.
Read More