- CryptoQuant noted in a tweet today that institutional investors are increasing their positions in BTC.
- The analytics platform speculated that institutional investors have a positive long-term outlook for BTC.
- At press time, BTC was trading at $30,649.11 after it gained 0.54% over the past 24 hours.
CryptoQuant, an on-chain analytics platform, revealed on Twitter earlier today that institutional investors, comprising hedge funds, investment firms, and cryptocurrency private funds, are increasingly bolstering their crypto portfolios with Bitcoin (BTC). This upward trend in fund holdings underscores the institutional players’ belief in Bitcoin’s long-term value.
#Bitcoin Institutional Fund Accumulation Trendsby @OnchainTarekThread pic.twitter.com/ZHe0gdoTxa— CryptoQuant.com (@cryptoquant_com) July 3, 2023
The analytics platform believes that institutional entities are adopting a more patient approach, actively seeking out long-term investment opportunities in BTC. This is in contrast to short-term investors who closely monitor price fluctuations.
The crypto market leader was one of the many cryptocurrencies that saw its price climb heading into the new week. CoinMarketCap indicated that BTC was worth about $30,649.11 after a slight 0.54% price increase over the past day of trading.
This meant that, at press time, BTC was trading closer to its daily high of $30,789.11 than its 24-hour low of $30,264.02. In addition, the crypto’s price rise succeeded in flipping its weekly performance back into the green to +0.45%.
Meanwhile, BTC’s 24-hour trading volume saw a more than 28% increase, which left it standing at around $11 billion. Since its all-time high (ATH) in November of 2021, the price of the crypto has slipped by more than 55% to trade at its current level.
Daily chart for BTC/USD (Source: TradingView)
Technical indicators on BTC’s chart suggested that its price would rise in the next 24-48 hours. At press time, the 9-day EMA line was bullishly positioned above the 20-day EMA line, and both of the technical indicators were positioned above the key 50-day EMA line.
As long as the 9-day EMA line continues to act as support for BTC, then the market leader’s price may look to target $32,360 in the next couple of days. On the other hand, if BTC closes a daily candle below the $30K benchmark over the course of the next 2 days then the crypto will be at risk of dropping to $29,125 in the following few days.
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