- CME Commitment of Traders data suggests that institutional clients are strongly bearish on Bitcoin.
- Bitcoin bulls defend $7,500 support and strive to keep the focus on $8,000 to avoid a return to $6,500.
Analysts held their breadth during Bitcoin’s surprising correction from $6,500 to levels close to $7,500 last week. Most unconvinced that the reversal was fundamentally supported, believed that Bitcoin was not done with exploring the downside. Besides, some still say that BTC could dive to $6,000 or even $5,500 before a significant reversal takes place.
However, the weekend action where Bitcoin jumped above $7,400 and $7,600 barriers, is changing the negative views to positive sentiments. The breakout to $8,000 is possible before the New year. However, Bitcoin must defend the support at $7,500, sustain high volumes and keep the focus on $8,000.
Read more: Bitcoin Price Prediction: BTC/USD holds above $7,500 as $8,000 beckons – Confluence Detector
CME Bitcoin Futures Data
The Chicago Mercantile Exchange (CME), a significant player in the Bitcoin futures contract market, releases a weekly report that shows the commitment of the traders. The report is referred to as the Commitment of Traders (COT). The latest report suggests that institutional investors are not convinced that Bitcoin has reversed the downtrend and has an aggregate position of -1,250 BTC. The aggregate is the lowest in more than a year in spite of the two consecutive recovery cycles Bitcoin has experienced in less than a week.
Bitcoin 2020 forecast
Mike McGlone, a senior commodity strategist at Bloomberg, recently remarked that Bitcoin is inclined to hit $10,000 in 2020 as opposed to plunging to $5,500.
Bitcoin in 2020: $10,000 Appears to Be More Likely Than $5,000 –#Bitcoin should continue to advance in a consolidating bull market, in our view, with maturation of the first-born crypto in the next decade the primary distinction vs. the current one. pic.twitter.com/JxEAhArwTf
“” Mike McGlone (@mikemcglone11) December 19, 2019
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