Bitcoin’s price has fluctuated between $ 46,000 and $ 48,000.
Institutions are seeing this disadvantage as the ideal position needed to accumulate more Bitcoin, as acknowledged by CryptoQuant’s CEO, Ki Young Ju. He explained :
12k $ BTC flowed out from Coinbase again.
Institutions are still accumulating $ BTC in this range.
– Ki Young Ju 주기영 (@ki_young_ju) March 5, 2021
12k $ BTC flowed out of Coinbase again. Institutions are still accumulating $ BTC in the meantime.
It seems that most American institutions have not sold any Bitcoin since their OTC businesses. For example, here are Coinbase’s outflow custody portfolios on December 23, 2020. No BTC has been moved since then
A few days ago, IntoTheBlock revealed that $ 48,000 emerged as a significant level of institutional resistance based on the considerable number of Bitcoins purchased in that range. The cryptographic data provider declared :
Bitcoin crosses the $ 48,000 barrier again. The IOMAP indicator reveals that BTC is now facing the most significant level of resistance in the chain. Approximately 1.03 million addresses previously purchased over 425 thousand BTC in the range between $ 48,335.62 and $ 49,150.01.
Keeping the $ 46-48k range is crucial
Network analyst Rafael Schultze-Kraft investigated the current price range, which he believes has considerable support from the chain. He noticed:
Very strong on-chain support at $ 47k – around 500,000 $ BTC have been moved at that level.
Imo important that we hold it, otherwise we could see low forties quickly before the next upwards movements.#Bitcoin
– Rafael Schultze-Kraft (@ n3ocortex) March 4, 2021
Very strong on-chain support at $ 47,000 – about 500,000 BTC has been moved to that level. In my opinion, it is important that we maintain it. Otherwise, we could see downs forty quickly before the next upward moves.
Rafael Schultze-Kraft sees the worst-case scenario as a price drop for the $ 40-43k range before an upward trend sets in, as echoed by crypto analyst Lark Davis, who believe that the second wave of the current bull run is gaining momentum after the first one caused Bitcoin to reach the historic maximum (ATH) of $ 58,300 on February 21.
There seems to be light at the end of the tunnel for BTC, as Tech Billionaire Tim Draper revealed recently that Netflix may be the next company in the fortune 100 to invest in the leading cryptocurrency.