Bitcoin saw a bounce after its attempt at the 9.5k level. We are currently seeing a lot of indecision. The last 24 hours prices movements have been extremely choppy, buyers and sellers trying without success to get the upper hand.
As we are sitting above the 9.8k - 10k zone, institutional funds have been surprisingly quiet. As a reminder, those funds are responsible for the large upward movement of Bitcoin since the beginning of the year as they were using the coin as hedge for their massive equities positions and an appreciation vehicle against USD.
Different scenarios could happen. As the market grows more impatient in the hope of the uptrend to resume, we could some profits taking, forcing the Bitcoin to pullback toward the 9k and even the 7.5k levels if buyers are too shy to enter.
Another scenario would be for Bitcoin to find enough bidding power to go test the 11k level and higher.
As September is coming, we expect the institutional funds to make a move which would give us a hint about where Bitcoin will be heading.
Raphaël Comte
Investment Analyst at Token Metrics
Disclosure: Token Metrics is a regular publication of information, analysis and commentary and does not provide individually tailored investment advice. Its principal has advised and invested in many blockchain companies. A complete list of his disclosures, advisory roles and current holdings can be viewed here: ianbalina.com/pages/....................... .
As we are sitting above the 9.8k - 10k zone, institutional funds have been surprisingly quiet. As a reminder, those funds are responsible for the large upward movement of Bitcoin since the beginning of the year as they were using the coin as hedge for their massive equities positions and an appreciation vehicle against USD.
Different scenarios could happen. As the market grows more impatient in the hope of the uptrend to resume, we could some profits taking, forcing the Bitcoin to pullback toward the 9k and even the 7.5k levels if buyers are too shy to enter.
Another scenario would be for Bitcoin to find enough bidding power to go test the 11k level and higher.
As September is coming, we expect the institutional funds to make a move which would give us a hint about where Bitcoin will be heading.
Raphaël Comte
Investment Analyst at Token Metrics
Disclosure: Token Metrics is a regular publication of information, analysis and commentary and does not provide individually tailored investment advice. Its principal has advised and invested in many blockchain companies. A complete list of his disclosures, advisory roles and current holdings can be viewed here: ianbalina.com/pages/....................... .