- 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.
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.
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