Institutional Investors Support Bitcoin Price: This Level Could Be Support If a Drop Comes!!
Bitcoin (BTC) continues to stay above 100 thousand dollars with strong interest from institutions and a 'buying the dip' appetite, indicating that a strong support level has formed against possible pullbacks.
According to the latest weekly report from crypto analysis firm Glassnode, the price of Bitcoin, which dropped to 75 thousand dollars in April, rose again in May, particularly due to a strong buying wave created by institutional investors. The inflow of funds into U.S.-based spot Bitcoin ETFs reached an average of 389 million dollars daily in the last week of April, peaking at 933 million dollars in a single day on April 22.
The report states that the increase in Bitcoin prices was significantly influenced by rising buy orders on Coinbase and decreasing selling pressure on Binance. Investors on Coinbase purchased up to 54 million dollars worth of Bitcoin daily last month, while daily BTC sales on Binance dropped from an average of 71 million dollars to 9 million dollars.
Short-term investors are in profit
On the other hand, most of the short-term investors who entered the market in the last 155 days bought BTC at levels between 93 thousand and 95 thousand dollars, and with the price reaching 104 thousand dollars, 90% of them moved into profit territory. BRN Chief Research Analyst Valentin Fournier emphasized that the market is technically giving a 'slight sell signal', but a sharp reversal is not expected.
Glassnode experts stated that the region between 93 thousand and 95 thousand dollars is a strong support point for Bitcoin and that these levels will keep the price elevated during possible corrections.