Interestingly, traders have shifted their positioning in the futures market lately. The 24-hour long/short ratio of accounts holding BTCUSDT currently sits at 0.56, meaning that most traders are bearish. This marks a significant shift from the 1.43 reading we saw on June 5, back when BTC dropped to $100,000.
So, traders are now expecting a decline in the price of BTC. Let’s see if the charts favor that thesis.
Can BTC Make a New All-Time High?
First off, we hit the $110,500 target we set in our latest BTC price prediction from June 9. Back then, we emphasized that the token’s bullish breakout above the $107K level in the 4-hour chart favored a push to this key resistance.
Although we were waiting for a retest of $107,000 after a breakout, we only got a small one in the lower time frame (15-min or lower) and then liquidity exploded and the price was propelled to $110,500.