Bitcoin is losing altitude as an unwinding of bullish bets is creating downward pressure on prices.
As of writing, BTC is changing hands at $3,780 on Bitstamp – down 5 percent on a 24-hour basis – having found offers above $4,000 at 06:00 UTC.
Notably, the price drop is accompanied by a decline in the bullish bets. For instance, the BTC/USD long positions on the Bitfinex exchange fell to an eight-day low of 31,237 earlier today and are currently down 8 percent at 31,255 – the biggest single-day drop since Dec. 19.