Bitcoin recently survived significant fluctuations due to geopolitical tension. However, over the past 48 hours, the situation has stabilized, and the price of BTC began to recover
While some investors panicked and left the market, others remained calm, supporting the restoration of the asset.
Institutional support Bitcoin
Bitcoin-ETF has attracted $ 588 million over the past 24 hours-this is a record amount for more than a month. The last time such tributaries were observed on May 22, when Bitcoin -etf received $ 934 million.
Despite the volatility of the market, institutional support remains strong. Last week, tributaries show that even during periods of uncertainty, large investors continue to believe in bitcoin. This indicates a long -term commitment to bitcoin, despite the short -term price fluctuations.
The binary expenditure of long -term holders (LP) Bitcoin shows minimal expenses for the first time from June 10. This means that experienced investors do not lose faith in bitcoin and are in no hurry to sell accumulations. The accumulations of this cohort of investors are approaching a record level of about 14.7 million BTC.
When long -term holders (LTH) prefer to accumulate bitcoin, its liquid proposal is reduced, creating a shortage. If the demand is growing at this time, prices can take off. Historically, the periods of minimal sales, as in the late 2020 and after March 2020, contributed to a sharp increase in prices.
The price of BTC needs new support
At the time of writing this material, Bitcoin traded at $ 106,554 – 3.2% lower than an important level of $ 110,000. In order to reach this mark, the coin must be fixed with a level of $ 105,662 as a new support. This is critical for further growth.
If the BTC bounces from the specified level, he will receive a chance to overcome resistance at $ 108,000. The breakdown of this barrier will open the way to $ 110,000. This will be confirmed by the bull trend and will probably attract more institutional investors.
If the market conditions change or investors begin to sell, Bitcoin may face a fall below $ 105,662 and even $ 105,000. In this case, the bull script will be canceled, and Bitcoin will be under pressure.
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Source: Cryptocurrency
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