On April 5, the US Commodity Futures Trading Commission (CFTC) released its weekly position report, which showed that although Bitcoin has recently experienced a “bull market”, large professional investors are increasing their short positions in bearish bitcoins. . According to the report, small capital investors increased their long positions by 18% and their short positions decreased by 27% compared to a week ago. Individual and small capital investors tend to expect bitcoin price rebounds to continue to exceed current levels, given their price movements. However, large capital investors (hedge funds and institutional traders) increased their airdrop positions by 45% a week ago and reduced their long positions by 24%, almost completely inconsistent with the behavior of small traders. Forbes analyst Brendan Coffey said that such behavior by large capital investors is a bearish signal for Bitcoin. Coffey also pointed out that the 200-day moving average itself provides a source of price resistance, which is one of the most closely watched indicators of BTC price movements. Bitcoin has not broken the $6,000 mark in this rally, which provides substantial resistance to bullish investors. Considering that the $6,000 is the time point for the fall in bitcoin prices in November 2018, there will be a large number of investors who hope to sell and recover their positions in the past six months, thus hindering the BTC rebound.