Bitcoin hits $64,000 amid strong institutional interest and growing whale holdings. However, concerns about a potential correction loom as whales reduce long exposure, with technical analysis highlighting critical support levels to watch.
Bitcoin (BTC) surged past $64,000 during U.S. evening and early Asia morning hours, briefly touching all-time high (ATH) levels before retracing back to the $63,000 zone. As of the latest update, it was trading at $63,612, representing an 8% deviation from its peak, as reported by CoinMarketCap.
The ongoing rally in Bitcoin, which has propelled the digital asset 43% higher since the beginning of 2024, is primarily fueled by robust institutional interest. Open Interest (OI) in BTC Futures on the global derivatives exchange CME surged to a record high of $8.7 billion, indicating a significant uptick in institutional participation in cryptocurrencies.
Source: Coinglass
The steady increase in whale holdings further underlines the growing institutional interest in Bitcoin. Entities holding at least 1,000 coins have risen nearly 5% year-to-date (YTD) and over 7% since October 2023, as per Glassnode's data analysis. Whales, known for trading in large blocks of assets, exert significant influence on price movements, signaling bullish sentiments for BTC.
Source: Glassnode
While optimism prevails in the market, concerns about a potential correction are evident. Whales, as indicated by Hyblock Capital, have maintained higher long exposure compared to retail investors on leading exchange Binance. However, recent trends suggest a reduction in long exposure among whales over the past week, possibly in anticipation of an imminent correction.
Source: Hyblock Capital
Technical analyst Ali Martinez highlighted the importance of the $61,100 - $61,800 level as crucial support for Bitcoin's price movement. Martinez suggests that if Bitcoin remains above this threshold, it could climb towards $65,900 with minimal resistance. Conversely, a dip below support could lead to a correction towards $56,970 or even $51,500.
Bitcoin's ascent to $64,000 marks a significant milestone in its journey, driven by strong institutional interest and growing whale holdings. While optimism prevails, concerns about a potential correction linger, with technical analysis pointing to critical support levels that could determine BTC's near-term trajectory.
May 22 is "Bitcoin Pizza Day," commemorating the historic event in 2010 when 10,000 bitcoins were used to purchase two Papa John's pizzas. From $41 worth of pizza to $700 million in wealth, Bitcoin's price surge over the past 15 years has proven it to be the best-performing financial asset in history.
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