Wednesday, June 8, 2022

Bitcoin May Drop  to $25,000

Bitcoin May Drop to $25,000

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Hi Crypto Academy Network,

Bitcoin rose marginally last week, snapping its longest streak of nine negative weekly closes. The bulls attempted to build upon this strength in the new week and put in a bottom but the bears are in no mood to let go of their advantage.

Although Bitcoin has remained under pressure in 2022, institutional investors have continued to accumulate the dips. This suggests they remain bullish in the long term. CoinShares’ latest Digital Asset Fund Flows Weekly Report shows that year-to-date, the total institutional inflows into Bitcoin have crossed the half a billion-dollar mark.

We had suggested in our previous analysis that Bitcoin may remain stuck in a range in the short term and that is how it has been. The BTC/USD pair has been trading between $28,800 and $32,646 for the past few days.

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