By
Chimamanda U. Martha
April 24th, 2024
The Bitcoin price action on Sunday was most likely supported with fresh buying on Asian exchanges. However, BTC price has partially retraced from its ATH and found good support at $46K.
On Sunday, February 14, Bitcoin turned out to be the real Valentine for all BTC investors. The world’s largest cryptocurrency shot all the way to hitting its new all-time high above $49,450 levels. With this move, BTC crossed the $900 billion market cap for the very first time. Also, Bitcoin is now on the way to become the first cryptocurrency with a trillion-dollar market cap. To hit the trillion-dollar milestone, BTC price has to touch $53,680 levels.
However, BTC has failed to cross the $50,000 benchmark and has retraced back since yesterday’s all-time high levels. At press time, Bitcoin is trading at a price of $46,847 with a market cap of $872 billion which is still under a trillion-dollar level. BTC has struggled to cross the $50,000 benchmark on Sunday. CryptoQuant CEO Ki-Young Ju also spotted that it is difficult for BTC to reach $50K levels.
Ju points out that yesterday’s ATH came from major buying support at Asian exchanges like Binance, Huobi, OKEx. No buying power was seen on popular exchange Coinbase. Note that most of the institutional buying in Bitcoin happens through the Coinbase OTC desks. However, the Coinbase Premium turned -$45 on Sunday indicating that the spot buying was very weak on the platform.
However, in the latest update, Ki-Young Ju writes that the Coinbase Premium has turned +$211 at $46K levels. It means that BTC ould hold up these levels and there won’t be any aggressive selling further from here.
Coinbase Premium was +$211 at 46k. Two possible scenarios:
1/ They might protect this level in the short term.
2/ Whales from other exchanges were selling $BTC so hard pic.twitter.com/TP8GE1yujJ— Ki Young Ju (@ki_young_ju) February 15, 2021
Institutional Bitcoin Buying and Next BTC Target of $56K with Over Trillion-Dollar Cap
The institutional interest in Bitcoin continues to remain upbeat. Over the last weekend, the Grayscale Bitcoin Trust (GBTC) purchased ~3500 additional Bitcoins pouring around $166 in total investment. The world’s biggest Bitcoin fund GBTC now holds nearly 653.83K Bitcoins in total with its net assets under management (AUM) crossing $34 billion.
The latest Bitcoin purchase from GBTC comes when Bitcoin has been trading above $46K levels. Over the last week, after Tesla’s BTC purchases, several American corporates like Uber, Twitter and others have shown interest in adding Bitcoin to their balance sheets. Even traditional banking institutions like BNY Mellon, JPMorgan, and Morgan Stanley have shown interest in either offering Bitcoin-based services or getting exposure to Bitcoin.
Popular crypto analysts Josephy Young, however, expects Bitcoin to surge further from here. In his recent tweet, he writes that Bitcoin (BTC) can touch $56k~$60k in the near term.