Here we look at two things
A) When did the institutions begin their accumulation?
B) How will BTC be supported at higher levels?
We can see that lots of institutional buying was made around December 15th, as noted by CNBC.
This lower area around $22,000 is a great entry point and a lower support band for BTC. Institutional buyers (smart money) will be moving in at these levels if given the opportunity.
BTC will require lots of retail volume s support at the higher levels (see the volume on the bottom of the chart) the question is, will there be enough liquidity at the $23.000-$32.000 range to support BTC? I believe watching Greyscale for more accumulation news and keeping an eye on the volume over the next few days will be critical to predict the price movement of BTC in the near- term.
Regardless, we should see BTC hold above $22.000, which is still great as we where only at those levels a month ago.
A) When did the institutions begin their accumulation?
B) How will BTC be supported at higher levels?
We can see that lots of institutional buying was made around December 15th, as noted by CNBC.
This lower area around $22,000 is a great entry point and a lower support band for BTC. Institutional buyers (smart money) will be moving in at these levels if given the opportunity.
BTC will require lots of retail volume s support at the higher levels (see the volume on the bottom of the chart) the question is, will there be enough liquidity at the $23.000-$32.000 range to support BTC? I believe watching Greyscale for more accumulation news and keeping an eye on the volume over the next few days will be critical to predict the price movement of BTC in the near- term.
Regardless, we should see BTC hold above $22.000, which is still great as we where only at those levels a month ago.