How the Bitcoin Price Might React as Institutional Interest Diminishes

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Bitcoin (BTC) falling lower to the $18,500 level has struck the market by surprise while retail and institutional investor interests are taking a peculiar turn.

Bitcoin has maintained its rangebound price movement under the psychological barrier at the $20,000 mark. As long-term trends presented a rather skewed picture of the larger cryptocurrency market certain trends pointed towards higher volatility and market skepticism in the near term.

Over the last few weeks, the anticipation of the Ethereum Merge largely overshadowed the diminishing institutional interest in the top crypto asset as significant price swings became a norm.

Institutional investors being cautious

On Sept. 19, BTC traded at a daily low of $18,232 but managed to make a recovery above the $19,000 mark. However, a worrying sight was that the market volume of the Grayscale Bitcoin Trust (GBTC) fund garnered very low interest from institutional investors.

Fund Market Volume of GBTC Source: TradingView

At press time, BTC’s next solid resistance levels stand at the $20,000 and $21,500 mark. Bitcoin’s price would need a quick push from bulls to establish itself comfortably above these key resistance levels.

Nonetheless, a positive sight in investors’ eyes is the high trade volumes on exchanges, indicative of continued retail interest in BTC. However, for long-term price growth, BTC would need additional support from institutions which is lacking at the moment.

The post How the Bitcoin Price Might React as Institutional Interest Diminishes appeared first on BeInCrypto.

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