Bitcoin holds $67,000 as Wintermute flags sentiment difference
Bitcoin (BTC) will continue to show strong support at $ 67,000, as even the growing division between BTC price stability and the feeling of depression among investors leaves the cryptocurrency in a state of balance.
BTC's strength to avoid a breakout below $60,000 is driven by strong institutional investor interest and long-term buying, despite volatility from the US-Israel-Iran war.
Wintermure suggested a shift in BTC position
Market maker Wintermuth notes that Bitcoin's price and sentiment are diverging. The index of fear and greed stood at 11 on Tuesday, after more than a month of “high fear”.
The sentiment index has remained in this range for the longest time in history.
However, BTC has weathered a $403 million liquidity event, persistent negative chain demand, and frequent war headlines without losing its annual low of $60,000 on February 6.
Wintermuth explained in March that institutional interest played a central role. Spot bitcoin exchange-traded funds (ETFs) took around 50,000 BTC, while institutional buying added 44,000 BTC.
Morgan Stanley has expanded its reach to 16,000 advisors and received a spot ETF license from the New York Stock Exchange (NYSE). Total revenue reached $1.32 billion, ending a four-month streak of net inflows.
Demand for collective addresses has supported this trend. According to CryptoQuant data, demand for long-term wallets rose to 289,971 BTC on April 7, from 158,336 BTC in the previous two weeks, i.e., an increase of 83%.
Crypto researcher Ray said that this divergence from the 30-day moving average trend as a key confirmation signal points to a sustained pullback. Rei said.
If this is accompanied by high levels of acceptance value, the signal becomes more compelling.
Related: Bitcoin waits at $68K as hours reach Iran's deadline
BTC ETF's speed has decreased as the number of trades used has increased
Wintermuth noted that while institutional interest increased in March, ETF flow data reversed at the end of the month. ETF activity in the last week saw $414 million in outflows, while over-the-counter (OTC) positions moved from buying to neutral and early selling.
Meanwhile, crypto analyst Martin suggested that BTC's rise to $70,000 on Monday was a leveraged pump. 75% of such rallies are fully reversed by 2026, with the most recent rally form at $67,000.
A daily candle that closes above $67,000 on Tuesday would be a positive development and indicate an uptrend on the short-term chart.
On the daily chart, BTC has closed below $67,000 for 26% (16 out of 61) of the total trading days since February 5, when it fell below that level since October 2024.
RELATED: BTC Analyst Risks ‘$15K Shakeout' In Next 5 Months
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