Bitcoin (BTC) has encountered resistance near the $58,375 weekly level during the past few days, trying to break and hovering just above it at $58,865 at the time of writing on Wednesday.
Bitcoin spot ETFs received the second consecutive day of inflows this week on Tuesday. On June 5 and 6, 35,486 BTC outflowed from BitMEX, marking the second-largest BTC outflow in the exchange. Despite FUD from Mt. Gox and the German government, on-chain data shows investors quietly accumulating BTC. Technical analysis shows that BTC has formed a bullish divergence on a momentum indicator.
Conversely, a low ratio may indicate bearish sentiment, suggesting more traders expect Bitcoin's price to decrease. In BTC's case, the long-to-short ratio was 1.081, meaning there are 1.081 times as many long positions as short positions, further bolstering BTC's bullish outlook. Bitcoin Long/Short Ratio chart Technical analysis: BTC momentum indicators show bullish divergence Bitcoin price has faced resistance near the weekly level of $58,375 over the last four days.
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