The Number of Bitcoin Short Positions Hits 3-Month Low

The bearish sentiment around bitcoin sank to three-month lows earlier today as short positions placed on crypto exchange Bitfinex fell to their lowest level since August 5th.

At approximately 11:00 UTC, the number of short positions dropped to 21,434, which represents a 33 percent drop in the past eight days alone. During the same time, longs – or positions that are betting on an increase in bitcoin’s price – also witnessed a notable increase of 10 percent, the current number of which (24,410) marks a three-week high.

Indeed, the sentiment here seems to be shifting in favor of the bulls. The price of bitcoin broke bearish from a historically tight, two-week range of just $139 on Oct. 29, yet sellers were not able to further capitalize on the bearish outcome.

As a result, the price of bitcoin has risen roughly four percent since then to return to the range and negate the technically bearish view in the short term.

What’s more, bitcoin bulls have market seasonality on…