The price of Bitcoin dropped for the first time this week below $4,000 to trade at $3,780 on Bitstamp at press time, this indicates a 5 percent decline on a 24-hour basis having found offers beyond $4,000 at 06:00 UTC.
The fall in price is followed by a decrease in the bullish bets. The long positions of BTC/USD on the Bitfinex exchange, for example, dropped earlier today to an eight-day low of 31,237 and presently decreased by 8 percent at 31,255 which demonstrate the biggest single-day decline since Dec. 19.
In addition, there had been a plunge in the long-short ratio to 1.35 from the five-month high of 1.5 hit yesterday, hence, a waning bullish sentiment being demonstrated.
The more fascinating issue is that the “long squeeze” comes following the repeated inability of the bulls to cross the key resistance beyond $4,100. For that, it can be stated sellers could be attracted considering the fact that the demoralized bulls are leaving the market.