Bitcoin (BTC) stays strong as Institutional Demand Heats Up: What's Next?

More than 20K BTC were purchased last week by the US Spot Bitcoin ETFs. In spite of long-term holders taking some profits, the strong institutional demand has helped to keep Bitcoin within striking distance of its all-time high.

What’s next for the king of cryptocurrencies? Institutions still believe in Bitcoin Net inflows into the US Spot Bitcoin ETFs last week amounted to a total of 20.

5K BTC. This was equivalent to around $2.

3 billion, and gives an idea of the mindset of the institutions in regard to expectations for Bitcoin going forward. $BTC price stays in tight range Source: TradingView The $BTC price traded in a tight range over the weekend with only the odd tiny spike in one direction or the other.

The price generally kept to the $115,700 horizontal support level and on Monday morning it’s still there. All this sideways price action has had an impact though, and that is to allow the short-term Stochastic RSI momentum indicators to start coming back to the bottom of their ranges, as can be seen with the 4-hour indicator lines above, which are now heading back to the upside.

Is this a $BTC local top? Source: TradingView The daily chart reveals that the $BTC price is still holding the $115,700 horizontal level as resistance.

Were the candle to close like it is at the end of the day it might suggest that the price could be heading back to retest the bottom of the ascending channel and the $113,500 horizontal support. The Stochastic RSI indicators for this time frame are just now beginning to roll over.

This rather suggests that the swing high for this upward impulse might have been reached, and that the next downward impulse is about to start. At the bottom of the chart is the RSI.

The indicator here is close to the blue descending trendline. If it rejects it, the downward thesis just mentioned could play out.

If the indicator line breaks through the trendline, the opposite could happen, with Bitcoin breaking the resistances and heading higher. Weekly chart in the balance Source: TradingView The weekly chart shows that the last weekly candle closed underneath the $115,700 resistance.

While this week’s candle was initially growing nicely above this resistance, it has now dipped back below. Changing back to a bullish scenario, the Stochastic RSI indicators have confirmed in a cross up.

If both indicators are above the 20. 00 level at the end of this week this would signal strong upside price momentum.

The RSI right at the bottom of the chart illustrates that the indicator line has crossed above the downtrend. Once again, if it continues upward this would be bullish for the Bitcoin price .

Conversely, if the indicator line crosses back below the trendline and rejects from it, this would confirm a reversal. Disclaimer: This article is provided for informational purposes only.

It is not offered or intended to be used as legal, tax, investment, financial, or other advice.