- Institutional investors remain divided on the crypto market, with mild inflows and outflows.
- The Bitcoin price is consolidating around the $25,820 level.
After breaking below the support level of $26,000 earlier this week, Bitcoin is still under selling pressure. However, for few traders this would be a good moment to purchase the dips.
The latest CoinShares data shows that institutional investors remain divided on the cryptocurrency market, with mild inflows and outflows over the previous week. This is encouraging news for Bitcoin’s long-term viability, since it points to a shift toward more steady, professional investment behaviors.
Over the previous day, Bitcoin’s price has been trading in red, hovering below the $26,000 mark. Most altcoins also deal with a similar fate. Exactly a week ago, BTC had a significant price increase in months. Grayscale’s victory against the SEC in a US court sparked the surge that drove the price to nearly $28,000.
Further Decline Likely?
After the SEC decided to hold off on a ruling on all pending spot Bitcoin ETF applications, however, the excitement swiftly dissipated. Bitcoin dropped by $1000 the next day and additional $1500 the day after.
Source: CoinMarketCap
At the time of writing Bitcoin is trading at $25,765, down 0.74% in the last 24 hours as per data from CMC. Moreover, the trading volume of BTC is up 12.56%.
The price is consolidating around the $25,820 level. If price manages to clearly break the key support level of $25,150 then further decline is likely. The next support level would be $22,430. On the upside, if the price manages to break above the key resistance level of $26,000 then a fresh rally towards $27,000 is on the cards.
