BitcoinBTC( ) is still showing strong support, at 67,000 dollars. However, a split growing between the price stability of BTC and investor’s bearishness has left BTC in an equilibrium.
BTC’s ability to avoid a dip below $60,000 is largely due to strong institutional demand, as well as long-term purchases. This was despite the volatility caused by the US-Israeli war.
Wintermute indicates a shift of BTC positions
Wintermute is a market maker noted Bitcoin’s sentiment and price were in divergence. Fear and Greed Index, which remained at 11 on Monday and Tuesday. “extreme fear” For over a week.
For the longest time, in its entire history, the sentiment index has maintained this level.
BTC however has managed to survive a $400 million liquidity event, negative onchain demands, and repeated news headlines of war, without losing the $60,000 lows it set in February.
Wintermute explained the role played by institutional demand in March. Spot Bitcoin Exchange Traded Funds (ETFs), meanwhile, consumed around 50,000 BTC.
Morgan Stanley has also been approved by the New York Stock Exchange for a spot-ETF, allowing access to more than 16,000 advisors. Total net inflows of $1.32 billion ended a streak of four months with net outflows.
It is important to note that the word “you” means “you”. demand This trend was supported by accumulator addresses. CryptoQuant’s data shows that long-term wallets increased their demand to 28997 BTC in April 7 from the 158,336 BTC they had been using for two weeks. This is an 83% increase.
Rei, a crypto researcher, noted that the divergence indicates steady absorption. The 30-day trend is a confirmation. Rei said,
“If that happens alongside price establishing acceptance at higher levels, the signal becomes significantly more convincing.”
Related: Bitcoin waits at $68K as hours tick down to Iran deadline
BTC ETF flow slowed as leveraged trade rose
Wintermute pointed out that ETF flows shifted towards the end of March despite the surge in demand from institutions. ETF outflows jumped to $414m in the last week. Over-the-counter positions shifted to early and neutral selling, from earlier buying.
Maartunn is a crypto analyst. pointed BTC’s Monday surge of $70,000 to $75,000 was an leveraged pump. 75% of these rallies have been retraced in full by 2026. The recent rally started at $67,000.
The closing of the daily candle above $67,000 will signal an upward trend on short-term charts.
BTC closed under $67,000 in 26% (16 of 61 total days) of trading since February 5, marking the first time since October 2024 that it has fallen below this level.
Related: Bitcoin price risks ‘$15K shakeout’ in the next 5 months, BTC analyst warns
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Source: cointelegraph.com
