Technical Analysis:
Bitcoin is currently trading within a descending channel, struggling to break above resistance. The price has rejected the upper boundary and could continue its downtrend toward $72,000 - $73,000 if support around $83,000 fails.
Key observations:
• Lower highs & lower lows confirm a bearish structure.
• A break below $83,000 - $82,000 could accelerate selling pressure.
• The next major support zone is $72,000 - $73,000.
Fundamental Analysis – Institutions and Governments Increasing Reserves:
• The U.S. government now holds around 200,000 BTC (~$17 billion), primarily seized from criminal cases. Their decision to maintain these holdings instead of liquidating suggests a potential shift in long-term Bitcoin adoption.
• MicroStrategy continues to accumulate BTC, now holding 423,650 BTC (~$42.43 billion), reinforcing corporate adoption of Bitcoin as a treasury asset.
• Coinbase now custodies 12% of the total Bitcoin supply, making it the largest Bitcoin custodian. This highlights institutional confidence in Bitcoin’s long-term value.
• Despite these bullish fundamentals, ETF inflows have slowed down, and macroeconomic uncertainty (such as potential Fed rate hikes) could put pressure on Bitcoin in the short term.
Bitcoin is currently trading within a descending channel, struggling to break above resistance. The price has rejected the upper boundary and could continue its downtrend toward $72,000 - $73,000 if support around $83,000 fails.
Key observations:
• Lower highs & lower lows confirm a bearish structure.
• A break below $83,000 - $82,000 could accelerate selling pressure.
• The next major support zone is $72,000 - $73,000.
Fundamental Analysis – Institutions and Governments Increasing Reserves:
• The U.S. government now holds around 200,000 BTC (~$17 billion), primarily seized from criminal cases. Their decision to maintain these holdings instead of liquidating suggests a potential shift in long-term Bitcoin adoption.
• MicroStrategy continues to accumulate BTC, now holding 423,650 BTC (~$42.43 billion), reinforcing corporate adoption of Bitcoin as a treasury asset.
• Coinbase now custodies 12% of the total Bitcoin supply, making it the largest Bitcoin custodian. This highlights institutional confidence in Bitcoin’s long-term value.
• Despite these bullish fundamentals, ETF inflows have slowed down, and macroeconomic uncertainty (such as potential Fed rate hikes) could put pressure on Bitcoin in the short term.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.