A daily poll conducted by CoinStats shows extremely bullish results for bitcoin.
The cryptocurrency portfolio management app, which has close to a million users across the globe, found that 53.74 percent of its active users want to buy bitcoin. At the same time, merely 19.93 percent of those users want to sell their bitcoins, and 26.33 percent want to continue holding them.
The results appear as a part of a daily survey featuring participating from CoinStats users. The app lets respondents share their bias for the day, which assists onlookers to predict the imminent bitcoin price action.
A majority of CoinStats’ participants are active cryptocurrency traders, holding the most significant percentages of their investment portfolios in bitcoin. That ensures the accuracy of their bias for the day.
Bitcoin Bias Confirmation
CoinStats also features a live trade tracker, which shows the distribution of buy/sell transactions of a coin in the last 24 hours. It helps to understand whether the majority is buying or selling a specific cryptocurrency. It is an attractive social trading tool that can be combined with other price signals.
The live tracker for bitcoin, known as BTC Trades Today, shows that an aggregated 50.6 percent Buy trades. The prediction is accurate given bitcoin’s intraday price action in the past 24 hours.
The BTC/USD instrument has surged by more than 10 percent – from $10,651 to $11,729 – after the People’s Bank of China forced yuan’s rate below $7, its lowest in more than a decade. Analysts think investors in China want to get rid of yuan and hedge their capital in bitcoin. It is the second time yuan’s fall has led gains in the cryptocurrency market.
CoinStats’ polls reflect the same sentiment: more bulls, less bears. Users interested in short-term speculation can also check polls to realize bitcoin’s hourly bias, as shown in the graph below.