Bitcoin Defies $213 Million Institutional Sell-Off: A First in 32 Months
Bitcoin (BTC) continues to maintain its strong weekly stance despite institutional selling pressure, even after experiencing a slight pullback following a test of the $64,000 level.
The cryptocurrency market leader, Bitcoin (BTC), got off to a fast start this week, rising to the $64,400 threshold before retreating to the $63,170 band as it struggled to hold that level. This price action did not prevent the asset from gaining approximately 6% in value over the past week. While this market volatility occurred in the shadow of major institutional selling news, it is observed that investors’ risk appetite remains resilient.
The sale of 3,588 Bitcoin (BTC) units worth $213 million by Strategy at the beginning of the week was absorbed by the market without causing a major breakdown. This situation demonstrates that buyers supported the market despite pressure from sellers, showing critical resistance in the bull-bear struggle. On the technical side, open interest data in derivatives markets is trending at its lowest levels in 32 months, signaling that institutional investors are acting cautiously for now. Meanwhile, Ethereum (ETH) managed to hold at the $1,770 level, rising 11.6% on a weekly basis.
Macro Risks and Technical Outlook for Bitcoin Price
On the macroeconomic side, rising oil prices due to tensions near the Strait of Hormuz and the decline of technology stocks in Asian markets are emerging as new risk factors. However, Bitcoin (BTC) is decoupling from this weakness in equity markets, maintaining the recovery process it initiated from the $58,000 level. The asset’s effort to stay above critical technical levels, such as the 200-week moving average, is fueling hopes for a market recovery.
Data from the options market shows that the cost of hedging against potential declines for investors has reached record levels. Experts state that such high costs are often an indicator pointing to market bottoms, suggesting that the worst-case scenario may already be priced in. Whether the bounce from the $58,000 level will form a permanent floor for Bitcoin (BTC) will become clear in the coming days through exchange-traded fund (ETF) inflows and global risk appetite.