Cryptocurrency
Institutional Traders on the CME are Still Bearish on Bitcoin; Here’s Why
As reported at NewsBTC, “Bitcoin has been caught within the throes of a firm and unwavering bull trend throughout the past few weeks. “After hovering within the lower-$9,000 region for over a month, the crypto’s breakout rally sent it as high as $12,000 this past weekend, at which point it met some insurmountable resistance. “After […]
As reported at NewsBTC, “Bitcoin has been caught within the throes of a firm and unwavering bull trend throughout the past few weeks.
“After hovering within the lower-$9,000 region for over a month, the crypto’s breakout rally sent it as high as $12,000 this past weekend, at which point it met some insurmountable resistance.
“After declining back towards $11,000 the cryptocurrency has entered a consolidation phase as its buyers attempt to gain greater strength.
“Despite its overt strength, institutional traders on the CME still remain net-short on BTC – betting that its price is going to decline significantly in the weeks and months ahead.
“This is in striking contrast to retail traders on the platform, who are overwhelmingly long.
“One technical factor potentially influencing institutions to remain short on Bitcoin is the existence multiple CME gaps that sit below where it is currently trading at.