- Summary:
- Bitcoin prices on the BTCUSD pair hits new record highs as institutional demand for the crypto continues to drive bullish momentum.
Bitcoin prices hit new all-time highs early Thursday, as continuing institutional demand drives price action. This morning, it was revealed that two hedge funds have outdone MicroStrategy’s purchases. MicroStrategy is the institutional buyer that started the frenzy on BTCUSD a few months ago with a $475 million purchase.
It has now been revealed that One River Asset Management covertly purchased $600 million worth of Bitcoin at around $16,000 in November. This is in addition to the $744 million investment by Ruffer Investment which was reported here yesterday.
There are reports that One River plans to significantly raise its investment profile into Bitcoin and Ether in 2021. This could drive further upward pressure on Bitcoin prices.
Technical Outlook for BTCUSD
Following yesterday’s completion of the measured move from the ascending triangle to the 23,728.00 mark, Bitcoin prices are slightly off these highs at 23,190. A retest of the all-time high at 23,777.00 looks possible. The next upside target lies at the 200% Fibonacci extension level of 26.973.82. This level becomes a viable target once bulls take out the 23,728.00 resistance.
On the flip side, we need to see a breakdown of the 141.4% Fibonacci extension at 21994.62, for the price to return towards 20,788 and possibly sub-20K prices at 19,661.52 and 19215.99.
Yesterday, I called the bullish move to 23,728.00 accurately, following the breakout of BTCUSD from the ascending triangle. What I did not expect was that it would happen in a matter of hours. So be prepared for quite some volatility heading into the weekend.
BTCUSD Daily Chart
