Hedge Funds Widely Flip Short on Bitcoin Despite Blatant Breakout

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Bitcoin has been caught within the throes of an intense uptrend throughout the past few weeks This has led its price to post massive gains, with bulls now vying to post a monthly close above $13,800 for the first time Although this would mark the highest monthly close ever seen by BTC – which would be undeniably bullish – not everyone is convinced Data from the latest Commitment of Traders report from the CME shows that hedge funds have more open short positions on Bitcoin than ever before This comes as institutions, retail investors, and professional traders are flip net-long 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…

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