Bitcoin turned down from the 50-day SMA ($61,577) on Aug. 14 but bounced off the solid support at $55,724 on Aug. 15, suggesting buying on dips.
The bulls will again try to propel the price above the 50-day SMA. If they manage to do that, it will suggest that the selling pressure is reducing. The BTC/USDT pair may then attempt a rally to $65,659 and thereafter to $70,000.
Contrary to this assumption, if the price turns down from the moving averages, it will signal that the bears are active at higher levels. The pair may then consolidate between the 50-day SMA and $55,724 for some time. The pair may tumble to $49,000 if the $55,724 support gives way
Bitcoin (BTC) has been stuck in a sideways price action phase for several months, but that has not stopped institutional investors from buying. According to K33 Research senior analyst Vetle Lunde, more than 262 new firms invested in the United States spot Bitcoin exchange-traded funds (ETFs) during the second quarter of 2024.It is encouraging to note that the institutional investors have largely held on to their positions or increased them. Bitwise chief investment officer Matt Hougan said in a post on X that 44% of asset managers boosted their Bitcoin ETF positions while 22% held steady. Only 13% exited their positions, and the remaining 21% reduced positions. Hougan called this as “a pretty good result, on par with other ETFs.”
$BTC
