Bitcoin price has restored the $30,000 level with a minor jump of nearly 2.45% and closed the previous day’s trade on a bullish note. The price has now landed back in a desirable zone after breaking out from an interim local resistance, which keeps the hopes of a sustained uptrend alive.
However, the buying pressure continues to remain on the low side, and a slight increase in the levels may lift the price beyond the psychological barrier.
The BTC price appears to be struggling to cross the interim barrier at $30.800, which may invalidate the bearish trajectory for a while. However, the bulls appear to be waiting for a major catalyst that may induce a significant bullish momentum with the flagship crypto.
This upward thesis is supported by the bullish Exponential Moving Average (EMA) and the rising Relative Strength Index (RSI) which indicate a fresh batch of bulls entering the markets.
Along with the bulls, institutional investors have also displayed acute interest in Bitcoin, as they have recorded the 4th consecutive week of BTC inflow. CoinShares recently launched its Digital Asset Fund Weekly report and said that institutional investors witnessed an inflow of $1114 million in the last week, flashing bullish signals.
“Bitcoin has again been almost the sole focus for investors, with inflows of $104m last week, bringing its total 4-week run to $310m. We believe this is a flight of safety by investors fearful of the ongoing traditional finance challenges. Opinions remain divided though, with short bitcoin seeing inflows totaling $14.6m last week,”
Collectively, the institutional investors have raised bullish flags for the star crypto, which may raise the levels beyond $32,000 very soon.
Source: https://coinpedia.org/price-analysis/this-catalyst-could-push-bitcoins-price-above-32000-this-month/