Bitcoin (BTC) Positioning Stays Neutral as Market Stagnancy Persists: Jason Shapiro

Jason Shapiro, Owner of Crowded Market Report.com commented on the current state of Bitcoin, stating that its positioning is very neutral and has been for several months

Jason Shapiro, the owner of Crowded Market Report.com, recently spoke on the current state of Bitcoin (CRYPTO: BTC).

According to Shapiro, Bitcoin's positioning is very neutral and has been for several months as the market has remained stagnant.

In an interview with David Lin, Shapiro said he observed very short positioning back in November of last year, following a significant price increase from October to November.

This surge led to a lot of selling, which Shapiro said he saw as an opportunity to buy Bitcoin.

However, after Bitcoin's price peaked around the $65,000 level, the positioning shifted to neutral and has stayed that way since.

Shapiro said he doesn't see any particular advantage in terms of positioning, psychology, or sentiment in Bitcoin at the moment.

While daily price fluctuations are to be expected, Shapiro said he doesn't see a clear edge on either side currently.

The analyst noted that market conditions and opportunities vary across different markets and times.

When there's no apparent edge, it doesn't mean the market won't move; it just indicates a lack of significant risk-reward advantage, which is his current view on Bitcoin.

"I don't really see any edge in positioning, psychology, sentiment in Bitcoin here. It's clear on each and every day they're going to go up or down, but from what I see, there's really no edge here on either side for that one right now. When there isn't an edge, it doesn't mean the market is not going to go up or down; the market is going to go up or down from day to day."

Is The Stock Market Rallying?

Shapiro said that while tech sectors had been declining — except for those supported by Nvidia (NASDAQ:NVDA) and a few other major names — this trend has reversed recently.

According to Shapiro, tech stocks are now flat or down, while the other sectors have been rising, and small caps are rebounding.

Reflecting on market sentiment, Shapiro said some worries have been alleviated, leading to a market rally.

However, he warned that as concerns diminish, so does the upside potential.

Despite recent improvements in market breadth, Shapiro said he remains unconvinced about the sustainability of this trend.

He suggested that a healthy bull market is usually led by higher beta stocks, a condition not fully met recently.

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