Bitcoin continues to be stuck in a tight range but it lost 1.21% of its value in the last 24 hours. It’s holding onto the $19,041. It’s believed that the longer Bitcoin stays in this range, the greater its eventual breakout will be.
The popular cryptocurrency is on a retracement and is likely to retest the $18,900 level, with the risk of a rebound very much there. But there are two major hurdles, the 30-day exponential moving average at $19,503 and the resistance area that extends from $20,306 to $20,737. Analysts say a daily candlestick close below $17,593 will invalidate the bounce and likely trigger a sell-off to $17,000. Bitcoin’s stance at the $19,000 mark shows the bear market’s resiliency.
Moreover, the long-view of institutional investors has not been affected by the short-term uncertainty in cryptocurrencies. Robin Vince, BNY Mellon, shared that a recent survey showed that 91% of institutional investors were keen to invest in some type of tokenized assets in the next few years. John D’Agostino, Coinbase’s senior adviser, said institutional inertia is a very real thing. But in terms of digital assets, institutional adoption has been moving very, very fast.
Meanwhile, there are a few opportunities for investors with short-term trading horizons. The average true range for Bitcoin has plunged by close to 74% year to date. Opportunity for long-term holders seems stronger as support for BTC’s price is establishing itself near current levels. Lack of volatility may likely be beneficial as investors with the luxury of waiting can collect Bitcoin at a more favorable price.
