Bitcoin Closes in the Red for 7th Week in a Row, But Institutions Are Buying BTC » Crypto Insiders

Bitcoin (BTC) The week closed in red seven times in a row for the first time. Despite this, Bitcoin managed to close the week with small gains. However, the price was rejected again last night and bitcoin at the time of writing is back at the same price as 24 hours ago.

Bitcoin Price Drops Below $30,000 Again

The Bitcoin price It broke through $30,000 again yesterday afternoon and then held there. Yesterday evening, Bitcoin rose steadily to $30,500. When the price got there, Bitcoin jumped straight to $31,000, reaching a peak of $31,350 around midnight.

BTC dollars weekly

The bulls approached the candle they wanted. Massive weekly volume, big wick, bullish SFP to summer 2021 lows. 200 EMA tests, 3rd ever, all bottoms.

Now we wait a week to see if there is a follow-up.

This is a bottom candle.

Doesn’t mean it works. pic.twitter.com/RaMKQEpWsA

– Wolf of All Streets (scottmelker) May 16 2022

Bitcoin stayed there for several hours, but then started dropping again. Bitcoin briefly found support around $30,500 this morning, but it hasn’t been able to hold on to that either. Then the price fell to $29,500. At the moment, BTC is holding out here and its price has soared to $29,700 at the time of writing KuCoin and 28,500 euros in Petavavo† Price direction for the coming days can be determined by how green or red stock markets open later today such as the S&P 500 and Nasdaq.

# bitcoin The daily RSI downtrend is worth paying attention to: pic.twitter.com/3KHsIkuIF6

– Matthew Hyland (@MatthewHyland_) May 16 2022

Institutional Investors Accumulating Bitcoin

Despite the drop in prices and significant market uncertainty, Ki Young Ju, CEO of analysis firm CryptoQuant, reported that institutional investors are buying BTC. He says that institutions have already started accumulating about $30,000 in BTC, but may not have taken into account the terra (LUNA) crash and the BTC waste from the Luna Foundation Guard. However, most of the sales pressure was offset by this buildup, says the researcher.

†
If you see a BTC-USD order book heat map for Coinbase, it’s pretty thick supply walls since the last bear market in May 2021.

I think the institutions tried to stack BTC dollars of $30K but had to rebuild the bid walls at $25,000 due to an unexpected LFG selloff. pic.twitter.com/nhX8mLOn1n

– Ki Young-ju 주기영 (ki_young_ju) May 16 2022

Furthermore, the CEO of CryptoQuant reported that the number of lung Positions on Bitfinex are increasing rapidly, as we reported last week. At least 50,000 BTC has flown to Bitfinex in the past two weeks, of which 39,000 BTC is used for long trades.

Even the number of buy positions on Bitfinex has a file high all the time Check, a strong sign of trust between whale. According to researchers, futures traders are now mainly whales. However, the CEO says that BTC could drop below $20,000 if these whales are liquidated, but he considers this scenario highly unlikely.

BTC dollars Futures traders now are mostly whales.

50 thousand bitcoins flowed into Tweet embed Over the past two weeks it appears that 39,000 bitcoins have been used to open long positions. Bitfinex long positions reached an all-time high yesterday.

live graphhttps://t.co/N7kJnbvBuU https://t.co/bBOZmqLOs1 pic.twitter.com/31DRjqoGpk

– Ki Young-ju 주기영 (ki_young_ju) May 16 2022

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like clock ⏱️

For the fifth time in a row, he has a specialty # bitcoin Lower leg at or before the rendezvous floor pattern **?

It’s too early to know for sure, but so far so good. # encrypt

** Daily closing pic.twitter.com/G2YawiezYu

– Plan ©️ (TheRealPlanC) May 15 2022