Institutional Demand Supports Bitcoin Price Stability
Bitcoin's price has been hovering around $83,920 after experiencing a marginal daily gain. According to TradingView charts, the price is currently above its short-term moving average but remains below medium-term resistance.
The influx of institutional investors into Bitcoin has led to significant accumulation, with large wallet holders tightening available supply. This trend was further supported by U.S. spot Bitcoin ETFs, which recorded $347 million in inflows on Wednesday and a cumulative $2.65 billion across five days.
Despite this adoption, bearish momentum dominates intraday trading, with technical indicators oversold. Analysts predict that the price will range between $82,568 to $88,693 over the next two to three days, with a 32% probability of an upward move.