Bitcoin Faces Downward Pressure as Institutional Demand Wanes

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 14 hours ago

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Price Fluctuation: Bitcoin (BTC) is trading at $67,420 this week, down slightly from last weekend's high of over $70,000, indicating a weakening demand for Bitcoin in the market.
Declining Institutional Demand: Institutional interest in Bitcoin has significantly waned in the U.S., as evidenced by the Coinbase Premium Index remaining in the red, reflecting a lack of investor confidence that could impact future market liquidity.
ETF Outflows: SoSoValue's data shows that spot Bitcoin ETFs have seen over $8 billion in asset outflows in recent months, indicating a diminishing interest from investors in Bitcoin, which may lead to further price declines.
Technical Indicators Warning: Bitcoin's futures open interest has fallen to $44 billion, sharply down from last year's high of over $95 billion, while price charts indicate the formation of a large bearish pennant, suggesting potential further declines ahead.

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Technical Analysis for BTC

Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Strong sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 0 indicators are flashing buy, while 4 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Bitcoin (BTC) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	59176.108	62147.054	65041.108	68012.054	70906.108	73877.054	76771.108
Fibonacci	62147.054	64387.484	65771.624	68012.054	70252.484	71636.624	73877.054

About BTC

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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