Bitcoin price has extended its upside, having another go at the psychological $90k mark. The crypto market bellwether traded at $88,603 and up by 1.25% at the time of writing, raising its weekly gains to 4.7%. With that momentum, BTC is primed for an extended upside as bulls continue to target reclaiming the six-figure price mark.
Rising Institutional Appetite For Bitcoin
The coin is on course to register the fourth successive daily gain, the longest winning streak since January 6th. That adds credence to the likelihood of an extended bullishness in the near-term. Meanwhile, institutional affinity to Bitcoin is back on the rise, with Cathy Wood’s Ark Invest having recently bought $116 worth of the coin.
In addition, Michael Saylor’s Strategy (formerly MicroStrategy) bought 6,556 BTC for $556 million at an average price of $84,785 between April 14-20. In addition, Bitcoin spot ETF recorded $381.3 million worth of net inflows on Monday, the largest single-day inflow since January 30. All 12 Bitcoin spot ETFs recorded net inflows. This signals growing institutional interest, which is supportive of continued gains by Bitcoin price.
Bitcoin’s 24-hour traded volume was up by 31% at the time of writing, denoting strong buying appetite for the coin despite the upward price trajectory. In line with that, IntoTheBlock data shows that BTC saw its net exchange outflows grow to -$552.9 millions in the last seven days. That signals declining selling pressure and will also provide tailwinds to BTC price.
Bitcoin Price Prediction
Bitcoin price pivots at $ and the momentum favours the buyers to stay in control above the pivot mark at $88,010 . The upside will likely meet initial resistance at $89,220 , but an extended control by the buyers will clear that barrier and test $90,220 .
On the downside, moving below $88,010 will signal the onset of bearish control. That will likely see the first support come at $86,980. Breaking below that level will invalidate the upside narrative. In addition, that momentum could extend the downward action and find the second support at $86,045.
The post Bitcoin Price Nears $90K, Institutional Appetite For BTC Swells appeared first in UK on InvestingCube.