Bitcoin hedge funds are experiencing a surge in net short positions, reaching a new record high. Analysts are now forecasting a potential 30% decline in the cryptocurrency’s value. The recent market downturn has contributed to this sell-off, as Bitcoin dropped below the $71,000 support level and settled at around $68,500. As of now, Bitcoin is being traded at $69,404.43, with its market cap standing at $1.37 trillion. This bearish sentiment from hedge funds indicates growing concerns about the future performance of Bitcoin in the short term.
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