Bitcoin Price Today Tanks to $98K—But Institutions Are Secretly Buying the Dip

The post Bitcoin Price Today Tanks to $98K—But Institutions Are Secretly Buying the Dip appeared first on Coinpedia Fintech News

The Bitcoin price went 11%, down from $110K to $98K from June 10th onwards, and the cause was Iran, Israel , and the US, whose actions shook financial markets, including cryptos.

However, the marked low of $98K quickly reversed 3% on Monday, as several whales and institutions remain optimistic despite continued geopolitical impacts.

The giants have seen the current falling prices of BTC as a nice investment opportunity. They seem to know that “buy the dip” is the best course of action amid the short-term war. Keep reading to know more.

Institutions Are Buying the Dip In Bitcoin

When writing, the BTC exchanged hands at $101569, barely up from the recent crash. This 3% rise happened as the long-term BTC advocate Michael Saylor revealed plans for additional Bitcoin purchases on June 22nd. He optimistically shared MSTR’s portfolio tracker chart and boldly remarked that nothing stops this orange from advancing.

This update was shared when the BTC was on downward price action, and recently known analyst Captain Faibik found a weekly RSI divergence in play that could pull BTC towards $92K to $94K levels.

The saylor’s optimism points out that he is poised to buy this dip on BTC, and raising hopes for future momentum could be parabolic. Based on his plan, buying the dip could give him excessive returns when BTC flies higher.

Inspired by Saylor’s decision, Metaplanet has bought another 1,111 BTC today worth $111 Million, and most recently, publicly traded Panther Metals also plans to buy 4 million pounds, equal to USD 5.35 million of BTC for its treasury.

Similarly, publicly traded Sequans has announced that it wishes to raise $384 million to launch its Bitcoin treasury.

• Also Read :
• Key US Economic Events Could Trigger a Massive Crypto Market Sell-Off
• ,

Moreover, as its current price dynamics indicate further fall, just like Captain Faibik highlights, the mister crypto also shared that bears have been aggressive and massive amounts of liquidity sit on the top side,too.

Therefore, if institutions’ accumulation continues, they will get the BTC on discount rates, but a sudden rise in demand would liquidate all topside bears, and a short squeeze would take them to newer levels.

Additionally, despite all the geopolitical bad news in Q2, a seperate analysis by analyst said that the total market cap had reclaimed almost 2-year trendline support, and the recent June price action has retested it. It clearly shows rising odds that a massive spike, as previously seen, could occur.

Never Miss a Beat in the Crypto World!

Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.

Subscribe to News

FAQs