AI Summary
Show More
Quickly grasp the article's content and gauge market sentiment in just 30 seconds!
Bitcoin failed to clear hurdles between $36k and $37k, and is now trading below the 100-hourly simple moving average. Market sentiment has descended further into the “Extreme Fear” territory and possibly hit rock bottom. However, institutional investors have expanded their long positions based on CME data, reaching a new 18-week high.
The net change in long positions indicates that institutional investors may be wrapping up profit-taking from recent short positions and, notwithstanding the cloud of fear and uncertainty, holding on to somewhat optimistic outlooks for the next market direction.
The mining FUD in China is real, but not necessarily bad in the long run. Mining Difficulty witnessed a 16% plummet on Sunday from its recent all-time-high, the sharpest decrease this year, amidst the country’s Bitcoin mining crackdown.
Measures in Inner Mongolia have sent some miners to exploit the abundant hydroelectric resources in Sichuan and others further westbound, out of China, in anticipation of greater regulatory uncertainties ahead.