Bitcoin (BTC) has completed a two-week rally, breaking out of a declining trend, sparking optimism among investors, and hinting at its first positive monthly close.
Return of Institutional Investors
The recent rise in Bitcoin’s price is not only marked by technical factors but also a significant resurgence of interest from institutional investors and large holders. The blockchain analysis platform, Glassnode, reports that capital inflow into the cryptocurrency market skyrocketed from $1.5 billion to $15 billion in the past 10 days, indicating a renewed breath of liquidity in the market.
Technical Indicators and Projections
From a technical analysis perspective, Bitcoin’s price has exited the declining wedge pattern and entered a new upward channel. Expert analyst Ali Martinez claims that a sustained close above $95,870 could set the next target at $114,230. If achieved, it may trigger a parabolic rally. However, investors should remain cautious, as a drop below $93,000 could prompt a short-term correction.
Market Continues to Fluctuate
Since the start of the week, there has been a net inflow of about 6,900 BTC into the market, highlighting the growing interest in spot Bitcoin ETFs. Whale wallets are reportedly making significant purchases, which may signal the next wave of growth. Should the price drop to $88,000, this could indicate a temporary dip before further attempts to reach all-time highs.
In conclusion, Bitcoin’s market is experiencing active changes, and the investor community is closely monitoring technical indicators and the sentiment of institutional participants.
