According to data from Bitfinex, one of the largest cryptocurrency exchanges in the world, bulls seem to be betting on Bitcoin. The leading cryptocurrency reached 11-month high in its long positions this Monday.
On Feb. 18 at 04:12 UTC, Bitcoin saw a jump in the number of long positions, to 38,237 BTC, for its BTC/USD exchange rate, this is the highest level we have seen since March 30 of last year.
Despite the rise of 35 percent in its long positions in the last three weeks, BTC shorts have remained mostly unchanged. The result of this was the improvement of its long-short ratio, a barometer of investor expectations, from 1.18 to 1.5.
Even though the market mood has transformed into a bullish one, it has not reached extremes. The Monday jump in long positions remained around 8 percent away from its previous record high of 40,193 BTC, detected on March 26 of last year.
At the time of writing, Bitcoin has seen its highest level since Jan. 10, trading at $3,961 on Bitfinex. This 39 day high above $3,900, could potentially open the doors to a strong move above $4,000.