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Tom McClellan: Smart money adds to Bitcoin net longs as prices move sideways
Bitcoin futures are seeing increased net long positions from non-commercial traders, often considered the smart money, even as spot prices remain in a sideways pattern. Tom McClellan describes this development as a significant indication of a potential price bottom forming in Bitcoin, referencing the compound fulcrum structure in the asset.
The ongoing accumulation by these market participants could suggest strengthening confidence among informed traders in the cryptocurrency market.
McClellan has previously clarified the importance of applying the original methodology when calculating the Zweig Breadth Thrust. In a separate observation, he identified an oversold market condition when the VIX Index moved above all its futures prices, suggesting a possible bottom in traditional markets earlier this year. These analyses add context to his ongoing market assessments.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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