Down 4% so far, Bitcoin is having a down-week. Could this current fall in price start to snowball as investors lose hope and start to sell, or is Bitcoin going to surprise the market once again and break free of the shackles of the last 14 weeks?
Bears in control for now
There is plenty of bearish sentiment around in the press and on social media regarding Bitcoin. Just to begin, there is the fact that hedge funds have built a massive short on the CME, while at the same time going long on spot Bitcoin through the ETFs, having the effect of damping down any upside moves. The hedge funds make a nice percentage from the spread between the two, which is called the “cash and carry trade”.
There is also the drag on price that comes from the miners selling. Now that the halving has taken place, a lot of the rigs that the miners use are not able to cope with the new demands, and therefore they are forced to buy new models and spend more of their BTC reserves on them, thereby a
We współpracy z: https://cryptodaily.co.uk/2024/06/bitcoin-breakout-coming-is-it-up-or-down
