A brief price pop earlier Monday came after MicroStrategy, the Nasdaq-listed business intelligence firm, bought $15 million of BTC at an average price of $59,339 per coin, adding to its already substantial hoard.
The largest cryptocurrency by market cap has risen by about 36% over the past month. Oanda's Moya told CoinDesk in an interview that the bullish sentiment stemmed at least partly fueled by excitement over the much-anticipated public stock listing of the cryptocurrency exchange Coinbase.
Now, the focus shifts back to institutional players with deep pockets, which could support the next leg higher above $60,000 in BTC.
- “We’re in wait-and-see mode, in what seems to be a healthy consolidation right now for bitcoin. Market is recycling all the stories about top investment banks that already put their position on crypto,” said Moya.
- Despite BTC’s struggle to break an all-time high around $61,000, Moya does not see short-term resistance as a barrier to continued upside. “Consensus is, a break above $60,000 is not a matter of if, but when. Next barrier is at $75,000.”
- Institutional demand is needed to sustain the rally as retail investors have spent their stimulus dollars in other ways than just buying up BTC.
- “Retail traders are probably bidding up altcoins after missing the big move in bitcoin,” said Moya.
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