Last week the market was raided by bears. This saw most top coins plummet in a couple of hours and sentiments change. The plunge began with Bitcoin dropping below $10,500 before finally falling below $10K.
Altcoins followed in tandem led by two of the largest and popular ones, Ethereum and Ripple’s XRP. By the end of the week, Bitcoin was hanging on the $10K position after bouncing back from a $9,600 support. Ethereum was trading around the $185 position after finding support just below $180. XRP on its part was trading around $0.26.
Armstrong Confirms Institutional Investment In Crypto
As widely reported, the recent dip has not deterred investors from their bullish goals. This has been an opportunity for many to accumulate and hold for the next surge. Some of these investors are institutional folks. These have been reportedly flocking into the industry in recent months.
This was confirmed late last week by Coinbase CEO Brian Armstrong. According to the CEO, they are seeing around $200-400 million a week in new crypto deposits come in from institutional clients. The recent dip will be an opportunity for them to buy and buy some more. This could trigger the next wave of green as they accumulate hard.
In the weeks to come demand from these institutions will begin to be felt in the market and demand will rise driving prices up. In the meantime, most retail investors will continue to accumulate, taking advantage of the recent dip and hodl, a tactic right from institutional investor’s playbook.
Bitcoin (BTC) Price Update
The last 24 hours have largely seen the market trade sideways. Bitcoin has recorded a change of under 2%, dropping to $10,180. On Friday, the crypto king was showing the potential for a strong rebound after rallying as high as $10,400. However, the asset has struggled with the $10,500 resistance position.
Only after Bitcoin has successfully climbed above $10,500 can investors change sentiments to bullish. Once this resistance is broken, many will look for the next major resistance at $10,800, with $10,500 serving as the new support. These levels are expected to be reached early in the new week before higher targets can be achieved by the end of the week.
In terms of dominance, this remains above 68% which is good. However, its daily trading volume has drastically dropped in the last 24 hours. At the time of press, this is just above $12 billion.