THELOGICALINDIAN - Bitcoin BTC has maintained a authority aloft 8000 for the accomplished few canicule and it appears to be accumulation actuality The Bakkt futures barrage a brace of weeks ago was badly underwhelming and industry experts advance that bitcoin and crypto is still too baby for institutional interest
Bitcoin Price Holds Support
BTC topped out at $8,230 a few hours ago according to Tradingview.com. There has been actual little movement abroad from the $8k area back the massive dump eleven canicule ago. The intraday dip was bottomward to $8,110 but BTC has acutely started addition alliance appearance at this amount zone.
A afterlife cantankerous is abutting on the circadian blueprint as the three-month declivity continues with little signs of reversal. The account candle has yet to abutting but as analysts ‘Crypto Fibonacci’ credibility out it signals indecision;
However, with very low volumes bitcoin amount is acceptable to abide to be range-bound for a while yet. Total crypto bazaar assets is currently about $220 billion which is about area it was this time aftermost anniversary afterward seven canicule of alongside trading for best agenda assets.
Crypto Too Small For Big Boys
The abridgement of absorption from above institutional players may be why BTC price has not rallied further. The inclement bazaar altitude are due to the aforementioned money actuality pumped in and dumped out as abbreviate appellation traders buy and advertise the aforementioned coins.
Crypto balderdash and managing accomplice at Fundstrat Global Advisor, Tom Lee, afresh batten to media with his angle on the abridgement of absorption from institutions.
Lee added that crypto is too baby for the institutional world, afore comparing it to the $9 abundance dollar gold market, the $66 abundance banal market, and the $86 abundance band market.
Lee connected advertence that about 1% of US citizens own BTC which is why it is still beheld as a amusement and has yet to allure above institutions. Regulatory uncertainty, abnormally in the US area assembly adjourn with impunity, is additionally black for abounding investors who seek a little added aegis and adherence for their investments.
Will BTC anytime be accustomed by the big players? Add your thoughts below.
Images via Bitcoinist angel Library, Twitter: @CryptoFib
