Bitcoin Tests Range of $63,000-$61,000, Breaks Loom
Technical analyst DonAlt expressed concerns that a support range of $63,000 – $61,000 could be compromised.
He anticipates that even bullish investors are bracing for a drop as low as $52,000 or $46,000.
Meanwhile, analyst Murad Mahmudov provided a deeper insight.
According to Mahmudov, the crux lies in identifying whether the market is in an accumulation or distribution phase.
Despite these bearish predictions, Lark Davis offered a glimmer of hope, highlighting the increasing institutional interest in Bitcoin.
Reports of America’s oldest bank and Morgan Stanley’s involvement in Bitcoin ETFs suggest growing acceptance among traditional financial institutions.
Furthermore, the upcoming Bitcoin ETF listing in Hong Kong could garner significant interest across Asia, countering the prevailing skepticism among retail investors.
