Bitcoin (BTC) Pumps to $66,845 Amidst Bearish Trend

Bitcoin’s price has recovered to over $65,000, a rise of 11% from 15-month lows that were below $60,000, where institutional investors are taking advantage of the dip to buy. The crypto market lost more than $2.6 billion, with Bitcoin alone responsible for $1.1 billion in long liquidations.

Institutional Dip, Buyers Emerge

Binance’s Secure Asset Fund for Users (SAFU) reportedly acquired 3, 600 BTC worth $250 million at a price of around $65, 000 per BTC, as part of their strategy to convert $1 billion SAFU reserves into Bitcoin in 30 days.

Crypto hedge funds have also joined the dip buying spree, as the aggregate market beta across all global crypto hedge funds has risen to its “highest level in 2 years” in the wake of BTC’s weakening.

Also Read: BTC Prints Second-Largest Capitulation Spike in 2 Years

Market Sentiment and Technical Analysis

Traders are identifying the $58,000 level as the final support line for Bitcoin. MN Capital founder Michael van de Poppe has pointed out the 200, day SMA as a major support level for BTC price. If the prices can rally a bit, then we will see a big wick, like we always see in the cases of capitulation events.

Also Read: Corporate BTC Strategies Must Evolve to Unlock Massive $100B Opportunity

Conclusion

BTC’s rebound above $65,000 is indicative of a shift in market sentiment as institutional investors are seen buying the dip. Even though there are still some challenges, the present market conditions provide investors with the chance to buy Bitcoin at a discount.

Source: Bitwise

Also Read: Binance SAFU Fund Adds 3,600 BTC Amid Recovery