Institutional Buyers May Be Defending Bitcoin from Breaking Below $30,000

Institutional Buyers May Be Defending Bitcoin from Breaking Below $30,000

Bitcoin has seen a strong rebound today, with bulls defending against a deeper selloff as the crypto neared the lower-$30,000 region overnight Where the entire market heads in the short-term will undoubtedly depend on BTC and its continued reaction to its key near-term support So far, the buying pressure seen between $30,000 and $33,000 has been promising and could indicate that further upside is imminent One on-chain analyst is also noting that this happens to be the price region where tons of institutional buyers had entered earlier this month As such, these groups may be ardently defending against a drop below this level

Bitcoin and the entire crypto market have been facing an intense bout of selling pressure throughout the past several days.

This caused Ethereum to retrace by as much as 40% from its highs at one point, which Bitcoin saw a similar decline as it broke below $40,000 and reeled down towards $30,000.

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BTC has

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