The Bitcoin market stabilized after initial volatility this week. Key resistance remains at $67,500-$68,000 levels. However, there is increasing interest in cryptocurrency, possibly leading to a breakout.
Current Market Dynamics
After attempting to breach resistance at $67,500-$68,000, a pullback seems likely. Despite recent strengthening, economic factors could contribute to a downturn.
Seller Exhaustion on the Market
Bitcoin is challenging a critical downtrend. As sell volumes decrease on exchanges, buyers are beginning to take control of the market. This suggests seller exhaustion, which could facilitate market rebound.
Trading and Institutional Activity
Institutional activity has increased, evidenced by all-time high open interest on the CME. This indicates growing interest from institutional investors, shifting away from retail trading dominance. Moreover, significant ETF inflows, over $1.5 billion in a few days, are observed.
The observed market dynamics and increased institutional activity lay the groundwork for a potential Bitcoin price breakout soon. However, the market may still be subject to volatility, and investors should consider the current economic conditions.