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Bitcoin has managed to keep cryptocurrency investors calm by reclaiming the $30,000 barrier amid a catastrophic crypto market slump. Bitcoin Price has been trading around $30,000 over the past few days, dropping below this level on occasion but soon returning above it.
Bitcoin’s monthly return in April was -17.3 percent, and thus far in May, it’s been even worse, with a current return of -20.0 percent. According to a new filing with the US Securities and Exchange Commission, the Fidelity Investments Bitcoin Index Fund has raised a remarkable $126.56 million through its offers.
Bitcoin Shows A Bullish Sign Too Early
The bitcoin price rose 10% in less than 24 hours, creating a range between $28,575 and $31,493. BTC has always respected the standards and has never overstepped any of them. The sellers drove the huge crypto lower on May 24, smashing the bottom at $28,820. This was followed by a 6% increase, which is presently retesting the range’s midpoint of $30,034.
If the current rise continues, Bitcoin will most certainly make a run at the $30,759 highs. Bulls, on the other hand, might enter at this level and drive it higher, sweeping the range high at $31,493. While this is a positive move, BTC has not swept the range bottom at $28,575 and has started an uptrend prematurely.
As a result, a sweep of the range bottom will almost certainly be followed by a reversal to collect the liquidity that has accumulated below $28,575. If Bitcoin price does a U-turn around the $30,034 barrier to sweep the range low, the subsequent rebound will most likely be stronger. As a result, BTC might reach $35,000 as a result of this rally.
Meanwhile, if Bitcoin bulls fail and the currency forms a four-hour candlestick below $28,575, then it will set up a lower low and vanish Bitcoin’s bullish theory. In this event, the price of Bitcoin will plummet and retest the $27,708 support level.