Bitcoin trades near $23,100 as institutions play a major role in the ongoing rally

Bitcoin trades near $23,100 as institutions play a major role in the ongoing rally Bitcoin BTC Bitcoinprice

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Data provided by TradingView shows that an early morning attempt by Bitcoin bears to hammer its price lower was met with stiff resistance by bulls near $22,600, who managed to reverse the momentum and push BTC to a daily high of $23,507 in the afternoon before the top crypto settled back near support at $23,100.

And it's not just spot Bitcoin that institutions are buying, as Thielen is “also seeing consistently high premiums for perpetual futures.” This is a sign that traders are willing to overpay to get exposure, the report said. “We interpret this as an indication that faster institutional traders and hedge funds are actively buying the recent dip in crypto markets. This should be a very positive sign for Bitcoin. Institutional adoption continues.

As for Friday’s price action in Bitcoin and what traders can expect moving forward, Eight Global founder Michaël van de Poppe posted the following tweet outlining what he expects in the near term.Might be some distribution going on in which we'll drop south to test some levels and liquidity for #Bitcoin.

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