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Bitcoin (BTC) briefly surpassed $66,000 on July 17 for the first time in weeks, turning the upward trend that began with the attack on former President Donald Trump, a U.S. presidential candidate, fully in its favor. This price increase sparked new rally hopes among BTC holders. Despite the rise in BTC price, there is curiosity about whether bears will move to regain control. So, what is happening on the Bitcoin front right now?
Current Status of Bitcoin Investors
Recent data about Bitcoin shows that individual investors’ participation in the price rally is low. To explain this differently, it would not be wrong to say that whales and institutions buying cryptocurrency have been the main drivers of the rally in the past two weeks.
This situation indicates that individual investors have generally stayed away from investing in recent weeks due to fears of sales by the German government and payments to be made to creditors by Mt. Gox.
The clearest thing seen in the market today is that Bitcoin is over $8,000 away from its ATH. However, it would not be wrong to say that there are some resistance zones between the current level and the mentioned ATH. On the other hand, investors who bought the dip are likely to provide some resistance and potential pullback in the next few days as they take profits.
The significant interest of institutional investors turning to Bitcoin ETFs stands in the way of potential selling pressure that individual investors might create. In the past weeks, BTC’s drop below $60,000 created an unexpected buying opportunity and a chance to add for many whales and individual investors.
Bitcoin’s Current Situation
The downward trend seen throughout almost all of June and the first week of July had worried individual investors. The situation that emerged, combined with individual investors’ concerns, may reflect why there was a decline in interest in BTC during this period.
However, the existing institutional interest and positive inflows into ETFs since last week could revitalize the market. On the other hand, it would not be wrong to say that long-term investors are also making healthier and forward-looking moves in their investments.
The way institutional investors, whales, and long-term investors are driving the market up could create FOMO among individual investors in the coming weeks, potentially paving the way for BTC price to rise even further.
