Whales Are Buying Back Bitcoin: Could This Be a Scam That Other Investors Are Falling For
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Market Update
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- The number of bullish derivatives accounts in BTC has surged significantly over the past 24 hours with increased optimism.
- Spot traders’ sentiment, predominantly influenced by whales, is turning optimistic and may lead to a price rally.
After hitting its previous day’s low of $97,777.77, Bitcoin [BTC] enjoyed a momentum boost, rising 4.73% and stabilizing at its current price of $102,985.
This increase in momentum could be attributed to retail investors seeing the recent dip as an attractive purchasing opportunity.
AskFX has examined these retail investor trends in both the derivatives and spot markets to assess their potential impact on a BTC upward movement.
Increased Optimism Among Derivatives Accounts
The past 24 hours have seen a notable rise in retail investor engagement within the derivatives market as long positions held by bullish accounts expanded.
According to Hyblocks True Retail Longs Account data, BTC long positions rose from 49.88% to 62.08% during this timeframe.
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Source: Hyblock Capital
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