• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Nexo

Institutional Bitcoin Traders Think That the Top Is In; Factors to Consider

Cole Petersen by Cole Petersen
2 years ago
in Bitcoin
0
  • Bitcoin’s price has been flashing signs of overt weakness throughout the past several days and weeks
  • The cryptocurrency is now rapidly approaching its critical support at $9,000
  • The buying pressure here appears to have been degrading over the past several days and weeks
  • Institutional investors and professional traders on the CME appear to believe that the Bitcoin top is in, as most have flipped short on the benchmark digital asset
  • This comes as a bear-favoring trendline begins guiding BTC’s price lower.

Bitcoin and the aggregated cryptocurrency market appear to be in a precarious position at the moment.

Last week, BTC led virtually all crypto tokens to plunge due to its recent drop from highs of $9,800. This decline extended as far as $8,900, which is where buyers had enough support to boost the crypto’s price.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

How it trends next appears to be premised upon how it reacts to the upper-$8,900 region in the near-term.

If it breaks below this support region, its long-held trading range may finally be invalidated, and a downtrend will likely commence.

Institutions and professional traders seem to believe that this is what’s going to happen, as data shows that they are widely flipping short on Bitcoin.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Bitcoin Bulls Defend Crucial Support as Outlook Grows Dim 

At the time of writing, Bitcoin is trading down 1% at its current price of $9,050. This marks a notable decline from daily highs of nearly-$9,200.

The cryptocurrency has been struggling to garner any significant buying pressure ever since bulls pushed it back above $9,000 late-last week.

It now appears that this is a sign of underlying weakness amongst its investor base – potentially signaling downside is imminent in the days ahead.

One technical factor that could be partially to blame for this downtrend is a descending trendline seen while looking towards BTC’s 4-hour chart.

A popular pseudonymous trader pointed to this trendline in a recent tweet, outlining the clear reactions it has posted upon visiting it.

He notes that a break above it would be a buy signal.

“Bitcoin 4 hour – seems to be pinned down by this descending trendline, so a break of it should be a buy signal for a trade,” he noted.

Bitcoin

Image Courtesy of Cheds. Chart via TradingView

Institutions Flip Short on BTC 

It appears that institutional traders are taking notice of Bitcoin’s current weakness.

Data shows that this investor group is overwhelmingly short at the moment, with the number of bearish traders growing over the past several days.

Another analyst spoke about this trend in a recent tweet, offering a chart showing the data set at the bottom.

“CME institutional traders seem to think the top is in,” he noted.

Image Courtesy of Byzantine General. Chart via TradingView

Featured image from Shutterstock.
Charts from TradingView.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

Crypto

Crypto Disaster: Ethereum Co-Founder Vitalik Buterin Claims He’s Not A Billionaire Anymore

1 hour ago
Bitcoin

Bitcoin Pizza Day: Celebrating The $300-Million Pizza Order – And Other Fun Facts

21 hours ago
Cyprus

Cyprus Drafts Regulatory Framework For Cryptocurrencies

22 hours ago
Central Bankers, El Salvador flag

It Was Not A Bitcoin Event. Then, Why Were The Central Bankers In El Salvador?

1 day ago
Microstrategy

MicroStrategy Stock Rallies 10% As CEO Saylor Predicts Bitcoin Will ‘Go Into The Millions’

2 days ago
CoinCorner's the Bolt Card, promotional image

The UK Goes Lightning: CoinCorner Offers The Bolt Card, Contactless BTC Payments

2 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.