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Tom McClellan: Large net long positions drive Bitcoin futures breakout

Tom McClellan: Large net long positions drive Bitcoin futures breakout
Large net long positions in Bitcoin futures

Tom McClellan observes that non-commercial traders now hold a significant net long position in Bitcoin futures, following a breakout rally above the downtrend line.

He notes that prices have started to slide along the top of the trend line, and the large speculative traders are back to holding a very large net long position in the market.

McClellan previously expressed concern over worsening drawdowns in NDX component stocks, describing the market trend as unhealthy. He has also identified that the bond market is mirroring gold price patterns from nearly two years ago. His latest observations on Bitcoin futures come as speculative positioning intensifies in the market.

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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