Bitcoin (BTC) surged over 3 percent on June 16, reaching approximately $108,551, as on-chain data revealed over $1.3 billion in cash inflows from institutional investors. This movement follows a weekend of consolidation and hints at a potential market rally fueled by increasing global money supply and anticipated Quantitative Easing (QE) in the US. Analysts note that the rising interest in Bitcoin, particularly among institutions like Strategy and Metaplanet, contributes to its decreasing availability on exchanges, signaling a bullish sentiment despite ongoing geopolitical tensions.
The price of Bitcoin is currently facing local resistance within the $109k and $111.8k range. Despite this, the short-term outlook appears positive, supported by technical indicators such as the MACD and RSI, both suggesting bullish momentum. However, should Bitcoin retrace and settle below the $101k to $104k support range, market sentiment could shift towards bearishness, causing increased volatility.
Michael Haynes, a market analyst, stated, "The demand from institutional investors indicates a growing confidence in Bitcoin as a hedge rather than a speculative asset, especially amid global uncertainties." Investors are watching closely as the Federal Reserve prepares to release its FOMC statement and decide on interest rates, which could impact Bitcoin’s volatility in the short term.
The price of Bitcoin is currently facing local resistance within the $109k and $111.8k range. Despite this, the short-term outlook appears positive, supported by technical indicators such as the MACD and RSI, both suggesting bullish momentum. However, should Bitcoin retrace and settle below the $101k to $104k support range, market sentiment could shift towards bearishness, causing increased volatility.
Michael Haynes, a market analyst, stated, "The demand from institutional investors indicates a growing confidence in Bitcoin as a hedge rather than a speculative asset, especially amid global uncertainties." Investors are watching closely as the Federal Reserve prepares to release its FOMC statement and decide on interest rates, which could impact Bitcoin’s volatility in the short term.
