Data Shows Institutions are Buying Bitcoin Above $30,000 Despite Turbulence

Data Shows Institutions are Buying Bitcoin Above $30,000 Despite Turbulence


Bitcoin’s price action has been quite mixed as of late, with buyers and sellers both vying for control over the cryptocurrency’s trend Over a mid-term time frame, bulls are clearly in control and are showing no signs of letting up to bears anytime soon Where the market trends in the mid-term will likely depend on whether Bitcoin once again starts rallying independent of the rest of the market If altcoins cede some of their strength in the short-term, it could fuel a rise past all-time highs Although BTC’s price is relatively high compared to where it was just a few months ago, on-chain data seems to indicate that large whales are still flooding into BTC at a rapid pace

Bitcoin has seen some wild price swings over the past few days, plunging to lows of $30,000 just a few days ago before rocketing up to highs of $33,500 this morning.

The cryptocurrency is showing few signs of

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