Traders are optimistic about a Bitcoin rebound, as last week the ratio of long to short positions on the leading cryptocurrency at Binance exceeded 3.8 — the highest level in over three years.
The peak value of 3.99 was recorded on November 21. At the time of writing, the index had adjusted to 2.2.
The long/short ratio represents the share of net long and short orders to the total number of accounts of the top 20% of users with the largest Bitcoin margin balances on Binance. A value above 1 indicates a predominance of longs, while below 1 suggests shorts are dominant.
This metric does not account for the size of the position, only its direction, thus reflecting investor sentiment more than the actual market structure.
Just over a month ago, when digital gold reached its all-time high of $126,000, the ratio was at a multi-year low below 0.6.
At the time of writing, Bitcoin is trading around $87,400 — approximately 30% below its price record.
Current Situation
Analyst Michaël van de Poppe believes that losing the $85,500 level could lead to a retest of $80,800-82,000. However, if the upward trend continues, the short-term target will be the $90,000-92,000 zone.
Very keen to be seeing what #Bitcoin will do at these levels.
Losing $85.5K could potentially give a retest at the $80.8-82K areas.
Holding here = target zone of $90-92K in the coming days.
To me; lower timeframe crucial zone to be holding onto. pic.twitter.com/LoMfYPq0Ol
— Michaël van de Poppe (@CryptoMichNL) November 25, 2025
The CryptoQuant author under the pseudonym oro_crypto noted that Bitcoin may not have reached its bottom yet.
Has Bitcoin Found Its Bottom? Cohorts Tell the Whole Story
“BTC may have formed a local bottom, supported by a strong rebound and accumulation from:
100–1k BTC holders.
>10k BTC holders.
However, the crucial 1k–10k BTC cohort is still distributing, preventing a full… pic.twitter.com/dGU4CBD1Bw
— CryptoQuant.com (@cryptoquant_com) November 25, 2025
According to his observations, the decline reached its peak when the group of holders from 100 BTC to 1000 BTC began accumulating the asset. They are still in the distribution phase, preventing confirmation of a trend reversal.
Glassnode analysts added that Bitcoin’s price remains below the realized price of all short-term holders but stays significantly above deeper realized levels, leaving the market in a state of uncertainty.
$BTC sits beneath every short-term holder’s realized price but remains well above deeper realized levels, leaving the market in no-man’s-land.
Regaining these bands would mark the first meaningful sign of structural recovery.
📉https://t.co/HRqnOvqLHO pic.twitter.com/FRhZeHY2FN— glassnode (@glassnode) November 25, 2025
“Regaining the [short-term purchase] range would be the first significant sign of structural recovery,” the experts emphasized.
Back in June last year, the Sharpe ratio fell into negative territory for the first time. Analyst MorenoDV pointed out that a similar market structure was observed in 2019, 2020, and 2022.