Long term Bitcoin holders continue maneuvering

Bitcoin traded within a significantly tight range on Tuesday as extreme bullish sentiment appears to retreat. The cryptocurrency was trading at around $62,000 is roughly flat over the past 24 hours.

The Bitcoin Fear & Greed Index is starting to decline from its highest level in more than seven months, and this development suggests buyers are starting to take some profits after a nearly 45% rise in Bitcoin’s price over September.

In the Bitcoin futures market, funds on the Chicago Mercantile Exchange raised their bets against Bitcoin rising to a record high in the week ended 19 October, probably to profit from the widening gap between futures and spot markets prices.

For now, technical indicators suggest limited pullbacks after a retest near the $60,000 support level in Bitcoin’s price was achieved earlier this week.