Bitcoin at $108K has once again fallen to its 200-day moving average. It is pointing upwards and is now 30% higher than the levels seen in March-April, when BTC last dipped below it. The spring scenario of prolonged consolidation around a critical line and a further breakout now looks like a hopeful scenario for bulls. However, there are still risks that the first prerequisites for the next prolonged bear market are now forming.
Crypto News
BTC’s rebound from its lows is encouraging, but the structure remains fragile. The decline in trading volumes on spot platforms and derivatives markets signals a decline in confidence and demand, according to Glassnode.
The recent sharp correction in the crypto market is not related to manipulation, according to Galaxy Digital CEO Mike Novogratz. According to him, the leading sellers were long-term investors and miners.
Sixty-seven percent of institutional investors are optimistic about Bitcoin’s prospects for the next three to six months, according to a Coinbase Institutional survey of 124 respondents. At the same time, 45% of institutional investors believe that the bull market is in its late stages.
Publicly traded companies continue to build up their crypto reserves. Strategy acquired 168 BTC over the past week. BitMine bought 203,826 ETH.