I believe the current downwards trend seen in bitcoin and the cryptomarket overall is due to early investors taking gains and the panic of late comers who bought in at the recent all time levels. The CME Futures are still in the upcoming horizon and perhaps the ATH @11400 could be seen as a prediction of what BTC will trade at around the beginning of December. In the longterm I understand that CME cash settlements will not actually increase the demand for BTC as no actual bitcoins will be bought or sold by CME, but it is easy to see how large institutional traders might seek to build their Bitcoin Hedges at <10k driving the price back to the recent hights. Reversal is possible between 9500-8500 otherwise we could see a crash to post BCC fork levels