Bitcoin: Why this trader mindset could obstruct BTC’s latest rally

Despite so much cheer and confidence surrounding the king coin, BTC’s long/short ratio stood in a rather disappointing position. At the time of writing, BTC’s long/short ratio stood at 0.9681. 49.19% of holders took long positions whereas short position holders stood at 50.81%.climb to $31,000 may have led to a shift in the investor mindset that may have encouraged some traders to take a profit and exit the market.

BTC’s Moving Average Convergence Divergence moved above the zero line. However, the MACD line and signal line intersected. This was an indication of a change in movement as this could put the bears in a position of control. Additionally, the Relative Strength Index too was in a descending position and stood at 59.72. Its movement towards the neutral line indicated some selling pressure in the market. Furthermore, BTC’s Money Flow Index also stood at 50.79 strengthening the above-mentioned notion.What strengthens the narrative that some holders could be taking profits was BTC’s exchange netflow.

exchange netflow stood at 1,567. This wasn’t a great sign for BTC. To elaborate, when inflow outweighs the outflow, it means that more traders were depositing their BTC to exchanges than moving them out of exchanges.With the inflow outweighing the outflow as of 6 July, it could mean that BTC’s ongoing price correction could continue. This would be until BTC sees a resurgence in buying pressure or its exchange netflow sees a higher outflow than inflow.

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