Local top? Why Bitcoin traders are starting to get slightly cautious
BTC $27,164 (+0.9%) • ETH $739 (+7.2%) • XRP $0.29 (-1.8%)
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The Bitcoin price has seen a relatively large pullback since December 27, after it hit a peak at $28,422. Following a 6.5% drop, technical analysts and traders are becoming slightly cautious in the short-term.
The Bitcoin rally to over $28,000 occurred during the weekend when institutions are not trading.
Institutional investors, typically in the U.S. trade BTC through Grayscale and the CME Bitcoin futures exchanges. Hence, during weekends, retail investors and the derivatives market dominate BTC’s volume.
It was evident that the futures volume was the primary driver of Bitcoin’s uptrend in the last few days due to the discrepancy in the spot price and the futures price.
In crypto, the spot market means exchanges with no leverage where traders do not borrow capital to trade.
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