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Market Extra: Bitcoin traders are losing confidence in the rally

As Bitcoin’s price is creeping back toward its all-time high, speculators are growing increasingly wary of the notion that its astonishing gains can be sustained.

The size of the total outstanding long positions on Bitfinex, one of a handful of large cryptocurrency exchanges that allows customers to buy and sell on margin, has shrunk to its lowest level since Sept. 15.

Meanwhile, the price of a single coin BTCUSD, -0.07% was hovering around $1,245 on Monday, leaving it within $40 of an all-time high reached in early March, when hopes that the Securities and Exchange Commission might soon approve the first bitcoin exchange-traded fund were still running high.

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