As Bitcoin price trade sideways, traders are keeping an eye out for new purchases from institutional investors in order to gauge whether BTC’s correction is over.
MicroStrategy’s recent purchase of 314 Bitcoin at an average price of $31,808 is a mild sentiment booster but it may not be enough to arrest the decline if buyers do not step in and sustain their purchases at higher levels.
A recent timezone analysis by QCP Capital divided the Asia and U.S. trading sessions into a 12-hour bracket and found that since March 2020 Bitcoin price had risen during U.S. hours due to sustained buying from institutional investors. However, this buying momentum from the U.S. has shown signs of exhaustion for the first time since Bitcoin topped out about two weeks ago.
Crypto market data daily view. Source:Coin360
While keeping an eye on institutional investor inflow is a good strategy, it’s also important to monitor what is happening on the retail side. In the past few months, retail investor volume has picked up and this is supporting equity markets across the globeTitle: Top 5 cryptocurrencies to watch this week: BTC, ETH, DOT, AAVE, SNX
Sourced From: cointelegraph.com/news/top-5-cryptocurrencies-to-watch-this-week-btc-eth-dot-aave-snx
Published Date: Sun, 24 Jan 2021 18:53:46 +0000