Traders Bullish on Bitcoin Despite Bears

Last weekend, Bitcoin dipped below the $6,000 price mark, tying a February low, but according to trading activity from the fourth largest cryptocurrency exchange, Bitfinex, investors are taking on bullish positions despite a bearish outlook.

Bitcoin prices have largely fallen from their $20,000 price mark reached in December 2017 and are down about 60% year-to-date. After dropping to as low as $5835.31 last Sunday, Bitcoin has been finding some support around the $6,000 price level.

Traders Bullish on Bitcoin Despite Bearish Outlook 1However, per a report by Yahoo! Finance, short positions on Bitcoin prices have been getting liquidated as of late and traders are taking on long positions, creating an upward momentum on prices–a case that the bears may be pumping the brakes on more depressed Bitcoin prices.

Related: Where’s the Bottom for Bitcoin?