Bitcoin's value dipped slightly by 2.55% in the last day amid increased institutional demand, marked by a positive Coinbase Premium Index.
Increase in Institutional Demand
Bitcoin's ongoing consolidation has led to a surge in institutional demand. The positive Coinbase Premium Index indicates stronger buying pressure on Coinbase versus Binance, suggesting U.S. investors lead the market. Institutions are capitalizing on current price stagnation to accumulate Bitcoin at lower rates, indicating bullish sentiments and expectations of a price rebound soon.
Bitcoin Charts Show Bullish Sentiments
The increase in institutional demand for Bitcoin is a sign of bullish sentiment, further supported by reduced selling pressure from miners according to Alphractal. The decrease in miner liquidations suggests a halt in miner sell-offs. Additionally, the exchange stablecoins ratio has been rising in recent weeks, indicating potential buying power as institutions often use stablecoins like USDT or USDC to purchase Bitcoin.
Potential Bitcoin Price Movements
With institutions buying without selling, Bitcoin is positioned for potential gains. If this trend continues, Bitcoin could break out of $98,405 and aim for $100K. However, short-term holder sales could cause a price retrace to $95,031.
The current market conditions and institutional investor activity suggest potential Bitcoin gains despite recent price dips.
