Bitcoin Hangs by $82,500 Thread as Oil Prices Weigh on Rate Hike Odds
Bitcoin's recent breakout above $82,500 is being closely watched by market makers and analysts alike. According to Wintermute, holding onto this level will be crucial for establishing a new support base, as it has blocked the token's advance for weeks.
A weekly close above the 50-week moving average, which Bitcoin last achieved in November, could further solidify its position. However, if prices drop below this threshold, it would undermine the validity of the recent breakout.
Meanwhile, institutional money continues to flow into the market, with U.S. spot Bitcoin exchange-traded funds (ETFs) posting net inflows of $999 million on Monday last week alone. Despite this, Wintermute's own trading data shows net selling pressure in Bitcoin, driven by retail investors taking profits and rotating funds into altcoins.
The firm notes that while the altcoin rally is broadening its reach, it may eventually shift attention back to major cryptocurrencies like Bitcoin.