Crypto
Bitcoin Fails to Break Key Level as Institutional Investors Absent
Bitcoin's price has reached $76,808, but it remains $4,900 shy of the crucial level of $81,700 needed to confirm a new bull market, according to CryptoQuant. Despite a two-week rally, large Bitcoin holders known as 'whales' have been selling their assets, while retail investors have taken on leverage to buy more.
US institutional investors are absent from the market, indicated by a negative Coinbase Premium. This suggests limited support from American funds. The current resistance level lies between $77,100 and $80,200, with significant selling pressure coming from long-term holders in this range.