Bullish Sentiment for Bitcoin Is at a 5-Month High

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The ratio of long-to-short positions placed on bitcoin (BTC) has reached its highest level in over five months on cryptocurrency exchange Bitfinex.

At press time, the BTC long positions placed on the exchange total 33,750 units, worth $137.3 million at current market prices, whereas the number of short positions is roughly 11,000 units less at just 22,787 – now worth just under $93 million.

This creates the long-to-short ratio of nearly 1.5:1 – its highest since August 6th of last year.

Bitcoin longs and shorts (Bitfinex)

The drop in short positions is not exactly surprising, considering the price of bitcoin fell roughly 50 percent between Nov. 14 and Dec. 14, giving traders ample time to lock in profits while

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