Despite a dip with higher market volatility in the last 24 hours, news has emerged of institutional Bitcoin investors raising their stakes in crypto.
Bitcoin has traded below $60,000 since the early hours of August 15, but trading indicators in the market are still positive. A key reason for this could be institutional Bitcoin investors, who have been bullish despite the volatility in crypto token prices recently.
A senior official of a crypto asset manager revealed this data through a social media post. The official mainly attributed the Bitcoin ETFs for enabling the adoption of crypto. Moreover, according to the data, institutional investors had increased stakes in crypto in the second quarter of 2024. Even hedge funds have been a major investor in crypto in recent months.
Meanwhile, crypto token prices have seen stiff resistance for days. Bitcoin’s range-bound movements could also be a reason for this trend. In the last few weeks, Bitcoin has been unable to overcome the resistance around its 20-day moving average, which is just over $60,000.
At the same time, BTC has also rubbished claims about a deep crash in its prices. Despite frequent price dips, it has always managed to reclaim its trading levels and sustain optimistic investor sentiments. The growing support from the spot ETFs has likely aided in countering the bearish pressure above $60,000. Similar trends are also visible in ETH and other altcoins.
BTC/USD 1D price chart
Bitcoin is currently trading at around $58,300 on August 15, 2024, with BTC/USD trading lower by a margin of around 4% in the last 24 hours. Bitcoin’s market cap was trading at around $1.1 trillion in the last 24 hours.
BTC/USD is trading below its 20-day EMA (around 62,000), as BTC’s 24-hour volume was at approximately $32 billion. The global crypto market cap decreased by around 3%, trading above $2 trillion. BTC’s year-to-date returns are above 38%.
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