Will Bitcoins Future Trends Be Dominated by Institutions as It Rebounds to 3000 Points

Coin World reported:
Yesterday, Bitcoin experienced a pullback of 3,000 points, falling from a high of 69,500 to around 66,500. Ethereum failed to hold its support at 2,680 and dropped to around 2,610, while CFX fell from around 0.17 to 0.155. Currently, the overall market performance is weak, but fortunately, the key support levels have not been broken, so the bullish trend can still continue. The key support level for Ethereum is adjusted to 2,550, while the key support level for Bitcoin is 64,800, which is where the previous large selling pressure failed to break through. It is particularly important to note that if 64,800 is breached, the bullish trend may be disrupted, and exiting and observing should be considered at that time. Currently, Bitcoin is still above the support level of 66,500, so bulls do not need to worry excessively for now.


The trend of Ethereum appears less optimistic, with a focus on whether it can stay above 2,660 at the closing of 8 o’clock tomorrow morning. Although it finally broke through the downtrend line, it has currently fallen back. However, this does not mean that the market will immediately test the downside. We need to observe the counterattack of the bulls. If Ethereum can once again rise above 2,660, it will be a positive signal. But if it falls below 2,550, it is necessary to exit and observe.


The A-share market opened steadily in the morning, stabilizing above 3,200 points, with the current reporting at 3,280 points. As long as it does not fall below 3,200 points, it can be considered relatively safe. If it falls below 3,200 points again, attention should be paid to reducing positions and avoiding risks. CFX is currently still following the fluctuations of Bitcoin and has not formed an independent market trend, making it suitable for continued regular investment.


Currently, the market lacks sustainability and the profit effect is weak, so it is more suitable to buy on dips rather than chasing highs. Although there was a significant decline yesterday, ETF funds are still flowing in, which is a positive signal indicating institutional buying and retail selling. As retail investors gradually reduce their holdings, institutional holdings will increase, and the future rise and fall of Bitcoin will be mainly driven by institutions.
Before the bullish trend is reversed, the key support level for Bitcoin is 64,800, and the key support level for Ethereum is 2,520. These positions are good opportunities for low-level layout, rather than waiting for a rise to chase higher. It is advisable to establish a position at a low level and set stop-loss strategies. Both spot trading and regular investment are currently at relatively low buying positions.
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