Bitcoin struggles to sustain momentum despite record monthly close

Bitcoin struggles to sustain momentum despite record monthly close - Bitcoin News - News

Analogically, bitcoin/” target=”_blank” rel=”noopener”>Bitcoin has a ceiling that it cannot break as it has missed its full potential to enjoy its all-time high since it stopped rising on its best monthly performance. Amid the fresh all-time high of the price for a single Bitcoin reaching $69,761, the price struggles to maintain its support of $60,000. This concerns investors and experts at the same time.

Easter holiday impact on institutional flows

The recent Easter holiday likely has impacted a stagnant situation that has developed around the price of Bitcoin, provoking a reluctance of institutional flows and affecting the ability to rally any further. 

One trader to give credit to is Daan Crypto Trades, who said that with the recent drop in the GBTC (Grayscale Bitcoin Trust) outflows, there has been no substantial trend-following momentum. We see a marked slump in the GBTC outflow, but the recent crash during the holiday has shown careful consideration among the crowd as less money has been flowing through the instrument.

The technical analysis typically shows that Bitcoin may be vulnerable to price instability as signals from the four-hour timeframes moving average, currently at $67330, suggest a possibility of decline with the 200-period moving average. The traders’ focus is on the breakout of the $70,000 level as a roadmap to bullish movement. Maintenance of a cautious stand can be witnessed until this target is successfully achieved.

Market sentiment and institutional activity

The marketing agency QCP Capital has stated that cryptocurrency markets show signs of rising sales of calls alongside buying of puts, which are the most interesting calls, for instance, Bitcoin and Ethereum. The exchange quotes on platforms like Binance have drawn a concerning picture. The number of buyers is remarkably large when the price is $60,000, pointing to the level of trading caution.

While the space scanners gather more information about crypto-fomo-lands-on-bobaoppa-is-it-a-scam/” target=”_blank” rel=”noopener”>Bitcoin as it approaches block subsidy halving, decisions like buying and selling become a question of uncertainty about its price development

Alan and Founder of Material Indicators Keith highlight bid ladders down to $62k, which may indicate an oriented investment. Nevertheless, this sector is confident that new records or all-time highs will still be set after the rewards are halved, with huge bids at lower price levels.

Institutional confidence amid uncertainty

Institutional players are making diplomatic purchases on the backdrop of fluctuating prices and not very clear expectations about Bitcoin’s immediate future. Alan observes that these institutional entities have organized and relayed more than $ 150 million of BTC bids to $ 62,000, which signals that a durable and bullish perpetuity is expected. Such strategic Bitcoin buying features the confidence of Institutional legions in the world for the next ATHs.

Bitcoin’s inability to carry over its record-high monthly close into the next few days is evidence of uncertainty in the crypto market occasioned by the overall activity of investors. The Easter holiday weeks and certain technical signs indicating that the market may be up against a rough patch have prompted cautiousness among investors.

While institutional confidence still exists, they seem to be cautious and postpone a purchase at a declining price before the bull cycle reappears after the halving event. Investors hold on to their balance on volatile markets, anticipating an uptrend despite doing BTC’s stuff, which is uncharted waters.