Institutional investors continue to accumulate BTC when the price drops
After falling below a short-term trading pattern, Bitcoin (BTC) rebounded and is approaching the overhead resistance.
Incremental parallel channel deactivated
BTC has fallen since hitting a local high of $ 52,088 on December 27th (red icon). The downtrend continued until it hit a low of $ 45,900 on December 30th.
The decline appears to have caused a break below the ascending parallel channel. However, the price rallied above the channel’s support line. Since the lines of the channel are not being followed, it is likely that BTC is moving in a different pattern.
The impact served to validate the $ 45,800 range as support. This is the main area of ​​support as it contains both horizontal support and 0.618 fib retracement support.
The main resistance area is at $ 51,500.
BTC / USDT 6-hour chart | Source: TradingView
BTC credit on the exchange
The total amount of BTC held on Exchange wallet addresses has decreased since the beginning of the year. It hit a low of 13.6% on April 14 (black circle) when the BTC price was near an all-time high.
Despite the recovery, the index continued to fall, reaching a new annual low of 13.4% (red circle). This means that investors keep their coins in cold wallets. This is often viewed as a bullish sign as it shows confidence in the market.
The source: Glass knot
Institutional investors are actively accumulating
Purpose Bitcoin ETF Holding has risen significantly since the beginning of December, which means that despite the drop in prices, institutions are still buying dips, more precisely in the price region of $ 47,000 to $ 53,000.
Purpose Bitcoin ETF Holding reached a new all-time high of 30,528 BTC on December 14th. This shows that institutional interest in BTC is still growing.
The source: Glass knot
On-chain analyst @Wclementelll tweeted several charts showing that institutions are more active than private investors. This is because the volume of remittances has decreased from $ 10,000 to $ 100,000 while those over $ 10,000,000 have increased.
This is in line with the Purpose Bitcoin ETF Holding chart.
The source: Glass knot
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
Author
Market
Institutional investors continue to accumulate BTC when the price drops
After falling below a short-term trading pattern, Bitcoin (BTC) rebounded and is approaching the overhead resistance.
Incremental parallel channel deactivated
BTC has fallen since hitting a local high of $ 52,088 on December 27th (red icon). The downtrend continued until it hit a low of $ 45,900 on December 30th.
The decline appears to have caused a break below the ascending parallel channel. However, the price rallied above the channel’s support line. Since the lines of the channel are not being followed, it is likely that BTC is moving in a different pattern.
The impact served to validate the $ 45,800 range as support. This is the main area of ​​support as it contains both horizontal support and 0.618 fib retracement support.
The main resistance area is at $ 51,500.
BTC / USDT 6-hour chart | Source: TradingView
BTC credit on the exchange
The total amount of BTC held on Exchange wallet addresses has decreased since the beginning of the year. It hit a low of 13.6% on April 14 (black circle) when the BTC price was near an all-time high.
Despite the recovery, the index continued to fall, reaching a new annual low of 13.4% (red circle). This means that investors keep their coins in cold wallets. This is often viewed as a bullish sign as it shows confidence in the market.
The source: Glass knot
Institutional investors are actively accumulating
Purpose Bitcoin ETF Holding has risen significantly since the beginning of December, which means that despite the drop in prices, institutions are still buying dips, more precisely in the price region of $ 47,000 to $ 53,000.
Purpose Bitcoin ETF Holding reached a new all-time high of 30,528 BTC on December 14th. This shows that institutional interest in BTC is still growing.
The source: Glass knot
On-chain analyst @Wclementelll tweeted several charts showing that institutions are more active than private investors. This is because the volume of remittances has decreased from $ 10,000 to $ 100,000 while those over $ 10,000,000 have increased.
This is in line with the Purpose Bitcoin ETF Holding chart.
The source: Glass knot
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
Other Posts
Related Posts
Organic Coverage
