Bitcoin (BTC) has never failed to prove its dominance by overcoming entire assets over the past 10 years. Since yesterday, Bitcoin has broken its highest level of almost $ 62,000.
However, at noon today, the market began to show that Bitcoin is losing momentum largely driven by a lack of purchases from investors and institutions.
The price of Bitcoin fell to a low of $ 54,790.33 on Monday morning, after hitting a high of $ 61,556.59 on Saturday. However, during the closing, the price of Bitcoin was at the price level of $ 56,478.60.
According to the CEO of blockchain analytics firm CryptoQuant, the fall in Bitcoin prices was largely driven by weak demand among institutional investors. He added that Bitcoin has recorded a 6x double increase which is mostly driven by institutional participation in the crypto market. Thus any action among institutions will affect the price of bitcoin.
Add the analyst, the bitcoin price trend is likely to decline or flatten in the short term unless there is a significant inflow.
Meanwhile, Patrick Heusser, head of trading at Crypto Finance AG thinks that this profit withdrawal is a healthy one in the market. Bitcoin will also be affected if U.S. bond yields continue to rise.
