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, +0.44% 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 ETHUSD, +1.14% was up 0.4% at $197.93, Bitcoin Cash BCHUSD, +7.03% was up 0.2% at $423.10, Litecoin LTCUSD, +2.43% had gained 0.5% at $50.34 and XRP, XRPUSD, +1.03% was up 0.4% at 46 cents.

Bitcoin futures were outperforming spot price in Friday trading. The Cboe Global Markets November contract XBTX8, +0.75% was up 0.4% at $6,340, while the CME Group November contract US:BTCV8 was up 0.5% at $6,345.

 

/marketwatch.com

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