Institutional Investors Fuel Bitcoin Breakout Expectations

The cryptocurrency market is seeing an interesting dynamic play out as retail traders express extreme pessimism, while institutional investors aggressively buy in. Bitcoin's price has been stuck near $65,000 for a prolonged correction from last year's record high of $126,000.

Analyst DonAlt believes that the current consolidation phase may be nearing its end, and predicts a breakout towards $72,900. He describes the level preventing the price move higher as 'garbage resistance' and notes that investors only need a tiny push to reach the next important level.

In contrast to retail traders who are panicking, institutional investors have been methodically buying the dip through spot ETFs. According to recent data, large investors brought in more than $850 million in net inflows over the past five trading days.