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Bitcoin Price Analysis: $120K Rally or $78K Drop – What’s Next?
The entrance of Bitcoin (BTC) price above the $100k mark for the first time since its existence earlier this month was perceived as one of the most crucial bullish milestones during the 2024/2025 bull market. Nevertheless, the accelerated crypto cash rotation to large and small-cap altcoins has resulted in a short-term bearish outlook for Bitcoin.
Despite the short-term bearish outlook for Bitcoin, institutional investors – led by BlackRock’s IBIT and MicroStrategy Inc. (NASDAQ: MSTR) – have continued to aggressively accumulate more coins. According to on-chain data analysis provided by Coinglass, the supply of Bitcoin on centralized exchanges has decreased to a multi-year low of approximately 2.24 million.
The US spot Bitcoin ETF issuers have registered a cumulative total net inflow of about $35.6 billion, thus currently holding total net assets of around $106.6 billion. However, the Bitcoin’s Futures Open Interest (OI) market has declined by over $7 billion in recent weeks to hover at approximately $59 billion, indicating rising fear of a potential midterm selloff.
As a result, it is crucial for investors and traders to understand the market sentiment and make informed decisions about their investments.
Source: coinpedia.org
