Bitcoin’s long-to-short metric fell to a 2-week low, leading some traders to call a cycle top.
Bitcoin price has dropped to a worrying low, leading some traders to throw in the towel and claim the bull run is over.) professional traders' morale dipped to its lowest level in two weeks, according to the long-to-short metric. This suggests that whales and market makers are hesitant to open bullish leverage positions, even as the Bitcoin price fell to a four-month low.
The S&P 500 index's rise to a new all-time high on July 9 also contributes to the negative sentiment towards cryptocurrencies. Several large-cap stocks, including NVidia, Taiwan Semiconductor, Eli Lilly, Broadcom, Applied Materials, Meta, Qualcomm, ASML, and Netflix, have gained 40% or more year-to-date in 2024. This stark performance contrast makes investing in Bitcoin, which is up only 30% so far in 2024, less attractive.
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