BTC Price Hits $81,400 as Institutional Demand Continues to Surge
The price of BTC has reached $81,400 as institutional investors continue to pour money into the cryptocurrency. According to Bloomberg, renewed ETF inflows have contributed to this surge in value.
This increase in price has some experts warning of overbought conditions, with the daily RSI14 reading 73.21 and the hourly RSI14 at 80.47. However, the underlying structure remains intact, indicating that the trend is still up.
The EMA20/EMA50 and EMA200 indicators are all above the current price of $81,400, but the EMA50/EMA200 golden cross has not yet been confirmed. This suggests a market in transition, where the trend is up but the moving-average architecture underneath has not fully confirmed it.
The Fear & Greed Index reads 65, indicating a sense of greed among investors without euphoria. The total crypto market cap sits at around $2.75 trillion, with Bitcoin dominance holding steady at 59.37%.