Will Bitcoins Future Trend Be Dominated by Institutions as It Revisits the 3000 Point Mark

Coin World reported:
Yesterday, Bitcoin experienced a correction to the 30,000 level, falling from a high of 69,500 to around 66,500. Ethereum failed to hold the support at 2,680 and fell to around 2,610, while CFX fell back from around 0.17 to 0.155. Currently, the overall market performance is relatively weak, but fortunately, key support levels have not been broken, so the bullish trend can still continue. The key support level for Ethereum has adjusted to 2,550, while the key level for Bitcoin is 64,800, which is where the previous large selling pressure failed to break through. It is especially important to note that if 64,800 is broken, the bullish trend may be disrupted, and exiting the market should be considered. Currently, Bitcoin is still above the support level of 66,500, so bulls do not need to worry excessively for now.


The trend of Ethereum appears to be less optimistic, with a focus on whether it can stay above 2,660 at tomorrow’s 8 o’clock closing. Although it finally broke through the downtrend line, it has fallen back for now. However, this does not mean that the market will immediately test the downside. We need to observe the counterattack of the bulls. If Ethereum can once again rise above 2,660, it will be a positive signal; but if it falls below 2,550, it is necessary to exit the market and observe.


The A-share market opened in the morning, stabilizing above 3,200 points, currently reporting 3,280 points. As long as it does not fall below 3,200 points, it can be considered relatively safe. If it falls below 3,200 points again, attention should be paid to reducing positions and avoiding risks. CFX is currently following the fluctuations of Bitcoin and has not formed an independent trend, making it suitable for continued regular investment.


Currently, the market lacks sustainability and the profit effect is weak, so it is more suitable to buy on dips rather than chase highs. Although there was a significant decline yesterday, ETF funds are still flowing in, which is a positive signal indicating institutional entry and retail selling. As retail chips gradually decrease and institutional chips increase, the future rise and fall of Bitcoin will be mainly driven by institutions.
Before the bullish trend is reversed, the key support level for Bitcoin is 64,800, and the key support level for Ethereum is 2,520. These positions are good opportunities for low positions, rather than waiting for an uptrend before chasing highs. It is advisable to build positions on dips and set stop-loss strategies. Both spot trading and regular investment are currently at relatively low buying positions.
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