Bitcoin Price Falls Despite Institutional Buying: Here’s Why
Key Insights:
- Bitcoin price is trading lower after failing to hold the $80k level. The decline has been occurring this week despite heavy Bitcoin ETF inflows over the last 30 days.
- The key price level to watch that could throw off the institutional confidence.
- Bond market woes and a worsening macroeconomic picture appear to be hammering down on sentiment.
After pushing above $80,000 late last week, Bitcoin price appears to be favoring the bears this week. A sign that momentum is dwindling, and profit-taking may continue to suppress the price unless fresh momentum emerges.
BTC price surged as high as $82,281 on Thursday last week. A week later, it has already retreated by about 5%, which may not seem much in the grand scheme of market corrections.
Nevertheless, this pullback signals that the bullish momentum observed in the second half of August might be over. BTC price was down to $77,976 at press time.
The Bitcoin price had previously spent over 10 days in overbought territory before the pullback.
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