CME "smart money" reduces short positions, BTC holds above the 200-week EMA and may reach $85,000 before April
PANews, February 23rd – According to the latest report from the CFTC, the net short positions of non-commercial bitcoin futures traders on CME have dropped from around +1,000 contracts last month to about -1,600 contracts, indicating that "smart money," including hedge funds and similar financial institutions, is rapidly turning bullish. This shift is similar to the market conditions before bitcoin prices surged by 190% in 2023 and 70% in 2025, respectively.
Currently, bitcoin is holding above the 200-week EMA (around $68,350), a line that has served as a key support level in most bear markets over the past decade. Analysts expect that if bitcoin successfully rebounds, it could reach the 100-week EMA (around $85,000) before April.
However, analyst Tom McClellan warns that the shift in "smart money" is a reflection of market conditions rather than a clear signal, and bitcoin prices could still further dip to the $40,000 to $50,000 range.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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