Bitcoin Update BTC Dips but Institutions Step In ๐๐ฐ
Bitcoin ($BTC ) holds steady around $95,000, down 12% from its recent peak of $108,353. The decline follows the U.S. Federal Reserve's cautious stance on interest rate cuts for 2025.
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๐ Key Highlights:
- ๐ธ Institutional Buys:
- Japanese firm Metaplanet Inc. spent $60 million to grab 620 BTC during the dip.
- El Salvador added 29 BTC to its reserve, now totaling 5,995 BTC worth over $560 million.
- ๐ ETF Movements:
Bitcoin ETFs saw $1.4 billion inflows early last week, followed by $950 million outflows as corrections deepened.
๐ Technical Overview:
- Momentum Check:
RSI remains solid at 67, while the MACD shows bullish green bars.
- Price Zones:
- Resistance: Recovery to $100,000 is the first hurdle.
- Support: Corrections may stabilize between $81,500 and $89,376.
๐ Market Sentiment:
The Fear and Greed Index indicates "Greed," reflecting optimism among investors despite the pullback.
๐ Future Outlook:
VanEck's report predicts that U.S. accumulation of 1 million BTC could cover 35% of national debt by 2049, assuming Bitcoin grows at 25% annually.
Bitcoinโs dip hasnโt shaken institutional confidence, and market watchers remain upbeat about its long-term potential. ๐
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