Bitcoin Losses a Pivotal Support – Here’s the BTC Price Prediction for This Week

The post Bitcoin Losses a Pivotal Support – Here’s the BTC Price Prediction for This Week appeared first on Coinpedia Fintech News

The Bitcoin prices are consolidating around $94,000 after dropping from the local highs to $98,000. Besides, the trading volume has surged above $20 billion after plunging close to $15 billion. This suggests a notable rise in the trading activity as the whales and the institutional interest in the token have increased. However, the BTC price has broken down from a pattern, which suggests a steep upswing could follow after a decent pullback. 

The institutional interest in the token has increased yet again as the markets recovered from the Liberation Day shocks. With this, the spot ETF inflows record more than a week of inflows, with BlackRock leading the accumulation. In the past week, BlackRock bought $2.5 billion worth of BTC and accumulated over 41,452 BTC in the past couple of weeks. While institutions are buying, whales are offloading BTC. 

As per the Santiment data shared by an analyst, Ali, the wallets with 1,000 to 10,000 BTC tokens have dropped from 4.56 million to 4.52 million in the past 10 days. Specifically, the U.S. whales are selling as the Coinbase premium, which had recovered significantly, is now dropping again. Besides, the Bitcoin balance on Binance has also dropped in the past couple of weeks and has reached a multi-year low, flashing the possibility of a supply shock incoming. 

The BTC price is looking pretty weak after the recent rejection and needs to reclaim the local highs for a bullish continuation. However, a small pullback appears to be in line before the next price action. 

The daily chart of BTC shows that the price has broken from a rising wedge after reaching the apex of the consolidation. Although the MACD shows an increase in the selling pressure, the rise in the CMF levels suggests a notable rise in the money flow. Hence, after experiencing a small pullback below $92,000, a rise to $100K appears to be inevitable. However, the Bitcoin (BTC) price is believed to maintain a healthy upswing thereafter and form new highs.