Bitcoin traders are becoming more long-biased as BTC trades below $80,000 for more than two weeks, increasing the risk of consolidation. Bitcoin gained approximately 25% in August, rising from $64,700 to $78,300, but the Sentiment Balance reached only +32 compared to +72 in July, signaling persistent pessimism despite the rally. The long/short ratio hit 1.08, its highest level since mid-August, with one analyst forecasting a drop to $52,000 before a rebound. Additionally, ETH/BTC closed above its 20-month moving average, suggesting Ethereum is gaining relative strength against Bitcoin, which could pressure BTC dominance and fuel a bearish September trap pattern.
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