According to Bitwise CEO Hunter Horsley, while Bitcoin’s drop below 70,000 dollars is worrying long-term HODLers, institutional investors see it as a new buying opportunity. In his interview with CNBC on Friday, he stated that institutions are seeing “the prices they thought they missed forever.” Bitcoin has fallen to 69.635 dollars with a 22.60% drop in the last 30 days and is moving together with liquid assets like macro assets according to CoinMarketCap data. Current price: 71.174 dollars, 24-hour change: +3.25%.
Hunter Horsley spoke to CNBC. Source: CNBC
Gold has dropped 11.43% from its peak, silver 35.95%. Bitwise, managing 15 billion dollars in funds, received 100 million dollars inflow on Monday when Bitcoin was around 77,000 dollars. BlackRock’s spot Bitcoin ETF saw 231.6 million dollars inflow on Friday. According to Google Trends, “Bitcoin” searches have peaked since early February. In October, Standard Chartered predicted Bitcoin wouldn’t fall below 100,000 dollars. RSI at 34.53 is in oversold territory.
Critical Support and Resistance Levels for BTC
- Supports: S1: 62.909$ (Strong, 72% score), S2: 70.580$ (Strong, 69% score)
- Resistances: R1: 72.115$ (Very Strong, 80% score), R2: 75.469$ (Strong, 60% score)
Supertrend shows downtrend, EMA 20: 79.102$. Click for detailed BTC analysis.
Why Did Bitcoin Rise 15% in the Last 15 Hours?
In the last 15 hours, BTC jumped 15% from 60.000$ to above 68.000$. Garrett Jin deposited 5.000 BTC (351 million $) to Binance – whale accumulation signal. However, Strategy Phong warns that in the worst case, 8.000$ BTC would strain MSTR and IBIT debts. Watch BTC futures.
Is BTC an Institutional Buying Opportunity? Frequently Asked Questions
- Will Bitcoin permanently fall below 70.000$? RSI oversold, strong supports exist; institutions are buying.
- Will inflows to institutional ETFs continue? BlackRock and Bitwise recorded inflows, the trend may continue.
- Is Bitcoin falling like gold? Yes, macro correlation is high; but ETFs could create divergence.
Correlation with ETH is increasing.
Source: https://en.coinotag.com/bitwise-ceo-btc-decline-is-an-institutional-opportunity
