Binance Futures Traders Long BTC and Altcoins, Even as Bitcoin Price Falls

The majority of top traders on Binance Futures are longing Bitcoin (BTC), Ether (ETH), and 8 other cryptocurrencies. In fact, more than 50% of traders are long on 10 crypto assets despite the current decline in the price of BTC.

According to Binance, the current futures positions over the past 24-hours are:

Binance Futures. Source: Twitter

The data indicates the majority of traders on Binance Futures are still convinced Bitcoin could see a resumption of uptrend in the short to medium-term.

Reason why traders are bullish on Bitcoin’s short-term price action

From March to April, the price trend of Bitcoin closely followed the movement of the U.S. stock market.

On May 26, the Dow Jones Industrial Average (DJIA) surged by 2.6% merely three hours after the market opened. Rising optimism towards reopening the U.S. economy is considered to be the primary reason behind the upsurge.

Since reversing course in late March the U.S. stock market has chased a V-shaped recovery and crypto investors’…