Bitcoin has seen some of the most bullish and exciting price action ever, with intense fundamental strength, mounting adoption rates, and a powerful technical structure all working in its favor.
It is now in the process of flipping $13,800 into support, as this was previously a strong resistance level.
It did rally as high as $14,100 overnight, but this was met with some serious selling pressure that sparked a sudden pullback.
Despite this recent movement’s overt strength, there is one group of investors that is shorter on Bitcoin than ever before – hedge funds.
This is revealed in the CME’s latest Commitment of Traders report.
Bitcoin Sees Powerful Uptrend as It Continues Shattering Key Resistance Levels
At the time of writing, Bitcoin is trading up over 2% at its current price of $13,880. This marks a slight decline from its overnight highs of $14,100.
The crypto’s uptrend is showing no signs of slowing down anytime soon, as each selloff has done little to slow the cryptocurrency’s mid-term trend.
If it can end the day above its current price level, it will mark the highest monthly close ever seen by the cryptocurrency in its decade-long history.
CME Report Shows Hedge Fund Net-Short Positions on BTC Hit an ATH
Per the latest Commitment of Traders report put forth by data aggregated Unfolded, while institutions, professional traders, and retail traders are all net-long on Bitcoin, hedge funds have never had this much short exposure.
Image Courtesy of Unfolded. Chart via TradingView.
These short positions could act as rocket fuel for a move higher, making them a vital piece of the next leg higher.
Featured image from Unsplash. Charts from TradingView.
Originally from Bitcoinist.com https://ift.tt/2TIGgDe
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