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#Gate广场五月交易分享 Bitcoin fails to hit $83,000, can institutional funds continue flowing in to push new highs?
Yesterday, after Bitcoin's upward momentum failed to break through $83,000, the rally temporarily stalled, testing the key 200-day moving average resistance level.
Due to the optimistic prospects of reaching a peace agreement between the U.S. and Iran, risk appetite has increased, thereby boosting interest in cryptocurrencies. As of Thursday when this article was written, Bitcoin's price was in consolidation.
Factors driving Bitcoin's price higher also include: ongoing capital inflows into Bitcoin spot exchange-traded funds, indicating that institutional investors remain optimistic about Bitcoin. Additionally, positive expectations for a U.S.-Iran peace deal have improved overall risk sentiment, further supporting its price.
Institutional demand remains strong.
Since this week, demand from institutional investors has been very robust. On Wednesday, Bitcoin spot ETF attracted $46.33 million in inflows, marking the fifth consecutive day of net capital inflows. If this trend of capital inflow continues and intensifies, will Bitcoin's price further rise or attempt to break through $83,500 again?
The price has returned to the critical on-chain cost support level and is moving toward resistance near $85,000. This is also why there was a continuous rally yesterday, as market demand and ETF capital inflows rebounded, indicating that bullish forces still dominate. However, Bitcoin's price approached a key resistance level yesterday.
In the derivatives market, traders' positions are still mainly short, so as the price nears resistance, Bitcoin is pushed lower by short positions. If Bitcoin continues to rise further, it will still face selling pressure from shorts.
Although the market trend is upward, the current market is in a reaction phase. To confirm that this upward trend can continue, sustained breakout movements are needed, along with support from spot demand and a reduction in selling pressure.
Bitcoin Price Forecast: BTC to Approach Key Resistance Level
On Thursday, Bitcoin's price slightly declined, currently around $80,900.
In the short term, the trend remains bullish because its price is well above the 50-day moving average of $75,168 and the 100-day moving average of $76,450.
Long traders, please note: Bitcoin is approaching resistance in its upward trend near $83,000. If this resistance is broken, the next target will be around $84,018, where the 200-day moving average is located.
$84,018 is the next important resistance level for longs.
The Relative Strength Index (RSI) remains around 66, indicating strong buying pressure, but it is approaching overbought territory. Additionally, the positive Moving Average Convergence Divergence (MACD) further confirms the upward trend.
Short traders, please note: if Bitcoin turns downward, support levels are around $80,000.
This support is reinforced by several points: the 50% retracement level at approximately $78,962; the 100-day moving average at $76,193; the upper boundary of the channel at about $75,680; and the 50-day moving average near $75,194.
These factors together form a relatively clear support zone.
Yesterday, after Bitcoin's upward momentum failed to break through $83,000, the rally temporarily stalled, testing the key 200-day moving average resistance level.
Due to the potential for a peace agreement between the U.S. and Iran, risk appetite has increased, thereby boosting interest in cryptocurrencies. As of Thursday when this article was written, Bitcoin's price was in consolidation.
Factors driving Bitcoin's price higher also include: ongoing capital inflows into Bitcoin spot exchange-traded funds, indicating that institutional investors remain optimistic about Bitcoin. Additionally, optimistic expectations for a U.S.-Iran peace deal and overall improved risk sentiment further support its price.
Institutional demand remains strong.
Since this week, demand from institutional investors has been very robust. On Wednesday, Bitcoin spot ETF attracted $46.33 million in inflows, marking the fifth consecutive day of net capital inflows. If this trend of capital inflow continues and intensifies, will Bitcoin's price further rise or once again challenge $83,500?
The price has returned to the critical on-chain cost support level and is moving toward resistance near $85,000. This is also why there was a continuous rally yesterday, as market demand and ETF capital inflows rebounded, indicating that the bulls still hold the upper hand. However, Bitcoin's price approached a key resistance level yesterday. In the derivatives market, traders' positions are still predominantly short, so as the price nears resistance, Bitcoin was pushed lower by short positions. If Bitcoin continues to rise now, it will still face short-selling pressure.
Although the market trend is upward, the current market is in a reaction phase. To confirm that this upward trend can continue, sustained breakout movements are needed, along with support from spot demand and reduced selling pressure.
Bitcoin Price Forecast: BTC to Approach Key Resistance Level
On Thursday, Bitcoin's price slightly declined, currently around $80,900.
In the short term, the trend remains bullish because its price is well above the 50-day moving average of $75,168 and the 100-day moving average of $76,450.
Long traders, please note: Bitcoin is approaching resistance in its upward trend near $83,000. If this resistance is broken, the next target will be around $84,018, where the 200-day moving average is located. The $84,018 level is the next important resistance point.
The Relative Strength Index (RSI) remains around 66, indicating strong buying pressure, but it is nearing overbought territory. Additionally, the positive Moving Average Convergence Divergence (MACD) further confirms the upward trend.
Short traders, please note: if Bitcoin declines, support levels are around $80,000.
This support zone is reinforced by several points: the 50% retracement level at approximately $78,962; the 100-day moving average at $76,193; the upper boundary of the channel at about $75,680; and the 50-day moving average near $75,194. These factors together form a relatively clear support area.