Bitcoin Price Consolidates Near $78K as Spot Buying and Institutional Demand Support Market
Bitcoin's price is hovering around $77,832 per coin on Bitstamp's 1-hour chart, after opening at $77,856 and slipping as low as $77,767. This puts immediate support at $77,700, followed by $77,000-$77,200, while $79,200-$79,400 remains the resistance zone in the near future.
On the 4-hour chart, bitcoin's price has been consolidating between buyers and sellers since mid-August. The current candle started at $78,605, briefly reached $78,630, and then dropped to $77,767 before hovering around $77,832, leaving it 0.98% below its opening price.
Bitfinex market strategists believe that spot buying is driving the market, with open interest gradually increasing and basis remaining relatively low and at healthy levels historically. They also note that institutional demand may be absorbing supply from large holders, giving bitcoin some extra protection against short-term selling.