Трейдеры настроены оптимистично: соотношение лонгов и шортов по биткоину достигает трехлетнего максимума Translation: Traders Optimistic as Bitcoin Long-to-Short Ratio Reaches Three-Year High

Traders have faith in a Bitcoin rebound, as last week, the ratio of long to short positions for the leading cryptocurrency on Binance exceeded 3.8, marking the highest level in over three years.

The peak was reached at 3.99 on November 21. As of this writing, the ratio has adjusted to 2.2.

The long/short ratio reflects the proportion of net long and short orders to the overall accounts of the top 20% of users with the highest margin balances for Bitcoin on Binance. A value above 1 indicates a dominance of longs, while a value below 1 suggests that shorts are prevailing.

This metric does not consider the size of positions — only their direction — so it primarily indicates investor sentiment rather than the true market structure.

Just over a month ago, when digital gold hit an all-time high of $126,000, the ratio was at a multi-year low of below 0.6.

At the time of writing, Bitcoin is trading around $87,400, approximately 30% below its record price.

Analyst Michaël van de Poppe believes that a loss of the $85,500 level could trigger a retest of $80,800 to $82,000. However, if the upward trend continues, the short-term target will be the $90,000 to $92,000 range.

A CryptoQuant author known as oro_crypto noted that Bitcoin may not have fully «touched» the bottom yet.

According to his observations, the decline tends to peak when a group of holders owning between 100 BTC and 1,000 BTC begins to accumulate the asset. Currently, they are still in a distribution phase, preventing a confirmation of a trend reversal.

Analysts at Glassnode pointed out that the Bitcoin price remains below the realized price for all short-term holders but is significantly above deeper realization levels, leaving the market in a state of uncertainty.

“The recovery of the range [of short-term purchases] will be the first significant sign of structural recovery,” the experts emphasized.

It’s worth noting that the Sharpe ratio has fallen into negative territory for the first time since June last year. Analyst MorenoDV mentioned that a similar market structure was observed in 2019, 2020, and 2022.