CryptoWatch: Bitcoin trades higher, trying to avoid back-to-back losing weeks

Bitcoin prices are trading higher Friday, as bullish participants are trying to avoid consecutive losing weeks in a market that has suffered five weekly losses in the past six.

The price of one bitcoin BTCUSD, -0.08% was last changing hands at $6,369.84, up 0.3% since 5 p.m. Eastern Time Thursday on the Kraken cryptocurrency exchange.

While the medium- and long-term trend remains firmly down, data suggests retail investors haven’t thrown in the towel.

“Retail trader data shows 82.6% of traders are net long with the ratio of traders long-to-short at 4.76 to 1. The number of traders net-long is 0.7% higher than yesterday and 2.9% lower from last week, while the number of traders net-short is 2.7% lower than yesterday and 0.5% lower from last week,” wrote Jack Schwarze, research analyst at DailyFX.

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