Bitcoin has shown resilience, maintaining its position above the $96,000 level despite a recent market-wide selloff that primarily affected altcoins. The cryptocurrency experienced a sharp 9% drop in just 24 hours, only to recover more than 11% on the same day, showcasing its strength compared to the rest of the market.
According to top analyst Axel Adler, the Bitcoin Coinbase Flow Pulse indicates strong institutional interest in BTC. The absence of significant outflows typically observed during bear markets suggests that major players continue to accumulate Bitcoin rather than selling their holdings. This institutional demand could be a key factor in driving Bitcoin’s long-term bullish trend.
As Bitcoin consolidates between crucial support around $90,000 and resistance near its all-time high, traders are closely monitoring the $100,000 level. A sustained break above this psychological barrier could reignite bullish momentum and potentially lead to a new wave of price discovery. However, a failure to reclaim $100,000 in the coming days may result in a deeper correction, with a potential drop to lower support levels around $92,000 to $94,000.
The next few days will be crucial in determining Bitcoin’s short-term direction. A decisive move above $100,000 could confirm the continuation of the bullish trend, while a rejection at this level may lead to further consolidation or a retest of lower support levels. Traders should remain vigilant and monitor key levels closely to navigate the current market volatility effectively.
Tags: Bitcoin, BTC, Institutional Interest, Market Analysis, Price Levels
Source: https://bitcoinist.com/bitcoin-coinbase-flow-pulse-shows-bullish-trend-as-institutional-interest-surges-details/