Despite Bitcoin and the altcoin's market surge, institutional behavior has been building up heavy short positions in the market. The past couple weeks, we have seen very little buy activity from big money while the short contracts are piling up. Bitcoin is down 0.73% on the day at the time of writing this.
The amount of short contracts is now higher than last December which is a big warning sign for investors.
I think if you are not an investor in crypto and you are only looking to trade, this could be a good short opportunity. It seems more likely that price will not reach the highs again until it falls considerably in value. If the general shift from these big players is lesser longs and giant shorts, we might have to accept the fact that bitcoin will fall into another downtrend.
Price has now crossed under the rising trend line suggesting weakness and a potential drop to support around $58,200s. There is additional support on the 50 DMA, the $53,000s, $50,000 and $48,000s for those who are looking to buy the dips.
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