Analyst Sees Bitcoin in Months of Downtrend as Institutional Interest Dips

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Institutional capital flow into Bitcoin has decreased since its last attempt to break above $10,000. The “lack of interest” has led to a concerning drop in the Chicago Mercantile Exchange’s (CME) Open Interest Money Flow index, according to analysts at Phi Deltalytics. The last two plunges of a similar scale followed at least three months of bearish correction. Bitcoin is losing its institutional clients, according to a technical indicator that measures the money flowing into the cryptocurrency market. Dubbed as the CME Open Interest Money Flow Index, the indicator interprets institutional interest in Bitcoin futures based on readings from zero to 100. A drop below 50 indicates a declining bitcoin trend among affluent investors – and vice versa. So it appears, the index lately dropped below 30. Convincing Bitcoin Fractals Analysts at independent investment management firm Phi Deltalytics first spotted the decline, noting that it signals a deeper downside move.…

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