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Can Bitcoin’s [BTC] current ‘oversold’ situation trigger a recovery past $30k
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Bitcoin, the largest cryptocurrency suffered major limelight into extreme fear territory not seen since the COVID-19 crash. The worst trading day came on 12 May, when BTC slumped from just over $30,000 to its lowest price position since late December 2020 at $25,300.
Despite the increased selling pressure, things might be cooling down. Here’s why:
Institutional investors have played a vital role in supporting Bitcoin over the years. Despite price volatility, investors have found opportunities to accumulate tokens according to CryptoQuant CEO Ki Young Ju. As per the executive, ‘institutional investors are buying BTC via market makers right now.’
<p lang=«en» dir=«ltr» xml:lang=«en»>Q. Are institutional investors selling #Bitcoin?A. They're buying $BTC via market makers right now.
Here's what happened last week
Read more on ambcrypto.comAbout this in other media
Bank of Canada Raises Rates Again and Vows to Be Forceful on Inflation wsj.com /2 years ago
Central African Republic Moves Ahead With Its Crypto Hub Initiative Despite World Bank's Concerns cryptonews.com /2 years ago
World Bank won’t support Central African Republic’s Sango crypto hub cointelegraph.com /2 years ago
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