More Traders Fear That Bitcoin Top Is In After Failed $14k Breakout

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Bitcoin’s recent price action has shocked most investors. Prior to this move higher and even during this move higher, there were a large number of investors that were short Bitcoin via futures contracts. This was made clear by the negative funding rates posted by Bitcoin futures markets, which suggested the existence of aggressive short sellers on the move up. This skepticism about BTC’s price action has persisted, even as $13,500 holds and the market steadies. Bitcoin May be Topping Here, Analysts Fear One crypto-asset trader recently said that he thinks Bitcoin’s recent thrust higher while futures are closed suggests that a pullback may begin. This is related to the CME futures gap theory, which suggests that any strong rally or drop that BTC sees on the weekend is retraced by CME futures traders: “I think bitcoin is putting in a temporary top. Price action to the upside when futures are…

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