Bitcoin Market Outlook: BTC/USD trades around $9,500, still stagnant while institutional interest keeps growing


  • BTC has been trading sideways for the past three days.
  • The daily chart is still in an equilibrium pattern. 
  • Bulls are looking at $9,751.96 and $9,944.79 as crucial resistance levels.

For the past three and a half days, Bitcoin has been trading sideways between $9,329 and $9,751. Bulls have managed to successfully defend the daily 12-EMA (Exponential Moving Average) four days in a row now, while the average trading volume continues dropping.

Bitcoin remains in a long daily equilibrium pattern with the last clear lower high set at $9,957.53 and a higher low at $8,637.26. Two days ago, Bitcoin touched $9,751.96 before crumbling down to $9,378.71, however, this is not a confirmed lower high of the daily equilibrium pattern.

Major trust fund continues buying Bitcoin at a huge rate

While it’s hard to measure the institutional interest in Bitcoin, a report from Grayscale, a major Bitcoin fund trust, shows it is clearly increasing. According to the fund, they are currently buying Bitcoin at a rate equivalent to 150% of BTC mined. Grayscale has added close to 20,000 BTC to its fund since Bitcoin’s halving.

It’s important to note that the fund trust is buying a lot of Bitcoin, even though the digital asset hasn’t been able to break the crucial $10,000 level and has been rejected several times from it in the past. Additionally, the open interest for BTC options is currently at astounding levels and up 10x in May.

BTC/USD levels

There is a clear support level on the daily chart at $9,360.93, the current 12-EMA. Additionally, the bulls can use the recent daily low at $9,329.39 for support and the daily 26-EMA at $9,416.94. Resistance can be found at $9,751.96 and the crucial area between $9,957 and $10,074.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

BTC/USD: Sellers continue to lurk above $11,800, $12K still on cards?

Bitcoin consolidates the rebound on Sunday before the next leg higher. A test of $12K mark remains inevitable amid a potential symmetrical triangle. Upside remains more compelling, in light of a bunch of healthy support levels.

More Bitcoin News

LINK/USD consolidates the 52% surge to record highs of $13.66

Massive short-squeeze sent ChainLink skyrocketing on Saturday. The explosion higher lifted LINK/USD to the sixth most dominant crypto asset. Bulls take a breather after the extensive rally, what’ next?

More Cryptocurrencies News

ETC/USD storms towards $7.20 after symmetrical triangle breakout

The pullback in Ethereum Classic (ETC/USD) from $6.8844 appears to have gathered steam this Sunday, as the coin sees a rapid rise to the intraday highs above $7.15. The coin charts symmetrical triangle breakout on hourly sticks.

More Ethereum Classic News

Top 3 Price Prediction BTC, ETH, XRP: Crypto bears dominate, Ripple breaches $0.29

Ethereum is the main laggard among the top three cryptocurrencies on Sunday. Ripple breaches $0.2900 after rejection just below $0.30. Bitcoin continues to keep its range below the critical barrier at $11,817,

More Ripple News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC hit the pause button before a decisive breakthrough

Bitcoin lived through a wild roller-coaster move during the previous weekend. The coin hit the new 2020 high above $12,000 and crashed to $10,500 in a matter of hours. 

Read the weekly forecast

BTC

ETH

XRP