- Bitcoin has seen some turbulent price movements in the past few days, but has mostly favored bulls
- The cryptocurrency was able to soar from the lower $ 30,000 region to highs of $ 39,000 before facing heavy selling pressures again, pushing it down
- However, benchmark crypto has been able to find strong buy-side support and appears to be well positioned to see further upward moves in the days and weeks ahead
- Where the next market trends are undoubtedly depends on Bitcoin. A strong rejection or continuation of the recent downtrend could result in deeper losses
- While sharing his thoughts on the current market, an analyst stated that the institutional TWAP buy appears to be the driving force behind this rally
Bitcoin and the entire market have been sending mixed signals to investors lately, and BTC struggles to maintain its momentum as it nears the top of a long-term trading range.
Where the next crypto trends will undoubtedly depend, at least in part, on whether or not BTC can sustain the surge it saw or not after falling earlier today.
One trader notes that institutional buyers may be the source of strength in the past few days as there has appeared to be strong spot bidding.
Bitcoin sees strong momentum as bulls absorb the recent sell-off
At the time of writing, Bitcoin is trading marginally at its current price of $ 37,350, a notable drop from recent highs of almost $ 39,000 set a few days ago.
The price of BTC fell to $ 36,200 today, but the buying pressure here has been pretty high and made the price of the crypto skyrocket pretty quickly.
Analyst: Institutional Bidding Probably the force behind the latest rally
An analyst stated that the bidding for the crypto on Coinbase is likely to be the cause of the recent rebound, possibly due to an institutional investor TWAPing.
This seems to be a pattern on any breakdown that is heavily favoring long positions.
“The market was overheated IMO, but I was scared for no reason. Monkeys were saved by a strong Coinbase spot bid. It looks like an institution is twapping again. “
Image courtesy of the Byzantine general. Source: BTCUSD on TradingView.
Unless this heavy bid suddenly disappears, the ongoing Bitcoin upswing is likely to be just beginning.
Featured image from Unsplash. TradingView charts.
