Over the weekend, BTC broke a couple of crucial hurdles near $11,500 and $11,600 levels. The top crypto capitalized on a firm support base above the $11,350 level to commence a steady recovery wave against the US Dollar.
At the time of this article’s writing, the BTCUSD pair is trading at $11,769, marking a 1.13% gain in the hourly chart.
BTCUSD Price Chart | Source Tradingview
To accelerate higher, the flagship asset must clear the $11,790 resistance, which would open the doors for the price to reach $11,800.
A successful close above the $11,800 level might give BTC the momentum to surge towards the $12K barrier in the coming sessions.
On the downside, if the BTC price fails to hold the $11.7K level of support, there could be a fresh rejection and a bearish reaction. The ensuing retraction could take the asset towards support near $11,520.
Institutional Investors are Short on BTC Futures
Bitcoin has been a favorite among investors after it recovered from the Mid-March market crash to emerge as the best-performing macro asset of the year.
BTC’s inspiring price rally this year that recently drove the asset to highs of $12,400 has seemingly caught the attention of many on Wall Street.
For instance, Paul Tudor Jones, a billionaire hedge fund manager, went public with his endorsement of the king crypto, and others followed suit.
Despite the growing institutional interest in BTC, much of Wall Street is currently short on the asset as per data from the Chicago Mercantile Exchange (CME).
BTCUSD Chart on CME Futures | Source Tradingview
As can be seen on the chart above shared by crypto data tracker “Unfolded,” institutional traders of the CME exchange currently have -3,119 BTC contracts open.
This decline in open contracts marks an all-time low for this metric, indicating that most Wall Street institutions are bearish on Bitcoin.
The effect of institutional investors opening such a massive short position could be a BTC price decline in the near term.
ETH Price Might Not Stay Below $400 Much Longer
After climbing from $379 to successfully break above the resistance at $385, it seems like the ETH is forming a decent support base above $390. At the time of writing, the ETH/USD is up 1.76% at its price of $398 with the next key resistance near the $400 level.
ETHUSD breaks above key contracting Triangle | Source Tradingview
Analysts now believe that the second-largest crypto won’t be stuck below $400 for too long after its latest show of strength.
This optimism comes after the ETH price successfully broke above a key contracting triangle forming with resistance near $395 on the chart below.