The FBI, that crypto whale. The Federal Bureau of Investigation (FBI) has many BTC following seizures. Indeed, when the scammers or thieves are caught, the FBI recovers the precious bitcoins and begins to have a nice reserve. The course of Bitcoin stabilizes around $26,000. With the Bitcoin ETF overdue, cryptocurrency investment products are seeing outflows.
Bitcoin price stagnates around $26,000 in 24 hours
Buyers and sellers agree to a price of $26,000. Indeed, the bitcoin price stagnates in 24 hours.
On the other hand, the price shows a fall over 11% in one week. In a monththe price displays a drop befors of 13%. For its part, the pair BTC/ETH stagnates in 24 hoursbut it displays a drop of 2.3% in one week.
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Indecision around Bitcoin ETFs, and institutionals are divesting from Bitcoin
The outflows recorded on cryptocurrency investment products this week are reshuffling the cards. Indeed, two weeks agoinvestment products saw entries to the height of $28.5 million. These entries probably came from an optimistic sentiment towards US inflation. However, it would seem that theindecision which hovers around Bitcoin ETFs and the market fall cryptocurrencies have made changing institutional sentiment.
According to the CoinShares report, investment products, such as Grayscale, Bitwise or ProShares, recorded exits to the height of $55.4 million. THE Bitcoin is the asset that registers the most exits with $42.3 million. Some altcoins, such as Ether or Litecoin, are also shunned by institutional players. However, the XRP records entries up to $1.2 million.
Bitcoin price should bounce off support at $26,000
After the violent fall, the price stabilizes around the support at $26,000. The course is again in contact with the institutional bias (EMA 9/EMA 18) bearish. A new fall cannot therefore be ruled out.
If the price were to lose the last troughs marked at 25,815 and to $25,619, the price could quickly find itself at the level of the next support at $25,000. Nevertheless, buyers have the opportunity to defend the support. If the price starts to close above the last peaks located around $26,300it could return to the height of the resistance at $26,700. The RSI is rebounding, but it will remain fragileas long as it doesn’t build momentum with ascending lows and highs.
THE flash crashknown last week, and theindecision around the Bitcoin ETFs did doubt the institutional actors. Cryptocurrency investment products recorded outflows of $55.4 million. Graphically, the price must hold the support at $26,000 to avoid a further drop towards the next support at $25,000. While the Bitcoin ETF is uncertain, could an Ethereum ETF soon be validated by the SEC?
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