Bitcoin Holding at $47.5K as It Aims for 8-Day Winning Streak

Checking the technical picture, Arcane Research says the $47,500 area has been important technical resistance since early 2021. Arcane also referenced a Goldman report which said more than half of surveyed institutions currently have crypto exposure, up from 40% a year ago. Arcane: “We should expect further institutional adoption in the future and increased financialization of bitcoin through financial instruments commonly used in traditional financial markets.”

IntoTheBlock Insights has a look at “strong hands,” noting the number of bitcoins that haven’t moved in more than a year is now just shy of 12,000. “Hodlers accumulate while weak hands leave the market,” said the team.

“Bitcoin got a little bit too stretched to the downside,” said Mike McGlone, Senior Strategist at Bloomberg Intelligence. “And now it’s going back to the trend, the middle of the range, basically around $50,000; $30,000 is very good support.”

“I think it’s going to see more and more responsive buyers,” McGlone continued. “We are seeing the transition from equity prices. People are willing to buy bitcoin in depth as they sell on the stock market.”