Yesterday’s monthly close was a relief for Bitcoin as the King of Crypto ended the month of April at a value of $57,630. Moments later, Bitcoin would push higher to a local high of $58,458 – Binance rate – set earlier today.
However, according to an analysis by Santiment, Bitcoin traders are yet to show optimism in the rally with FUD and disbelief still hovering in the crypto markets. The team at Santiment feed shared their analysis of Bitcoin through the following statement and accompanying chart.
With Bitcoin bouncing back hard above $58.4k, traders are once again not believing the hype. Our sentiment data indicates commentary is more negative than usual despite BTC‘s highest price level since April 17th, ironically fueling prices higher.
Institutions Continue to Accumulate Bitcoin
At the time of writing, Bitcoin is trading at $57,400 and battling to maintain the $57k support zone that will be crucial in tomorrow’s weekly close.
The aforementioned FUD and uncertainty by Bitcoin traders seem not to affect institutional investors as they are still accumulating Bitcoin. One such transaction by institutions worth 11,800 BTC was identified and shared by the team at Unfolded through the following tweet.
Institutional accumulation continues, 11,800 bitcoin outflow from Coinbase.
chart: @cryptoquant_com pic.twitter.com/ZeWKA30Zmt
— unfolded. (@cryptounfolded) May 1, 2021
$80k – $90k Still Possible for Bitcoin
According to BTC and Crypto analyst MagicPoopCannon, the recent dip by Bitcoin to $47k levels and eventual recovery to current levels might have been a bottom for the next bullish phase of BTC this cycle. Magic shared his analysis of Bitcoin through the following commentary on Twitter.
This may be the bottom [at $47k] . I’m definitely a buyer here. It’s possible that we could go even lower, but it’s definitely worth incrementally buying this dip imo.
Looks like a mega bull rampage is coming. I’m still looking for BTC to reach that 70-80K level, and for alts to moon like NASA in this mofo.