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

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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. How it trends next appears to be premised upon how it reacts to the upper-$8,900…

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