Bitcoin has seen mixed price action as of late, with the selling pressure in the upper-$30,000 region slowing its ascent as bulls and bears largely reach an impasse.
Where the crypto market trends in the mid-term may depend largely, if not entirely, on whether or not Bitcoin can continue stabilizing or break above $40,000.
Any strong rejection here could cause the crypto to see some notable losses that potentially lead altcoins to follow suit and selloff as well.
One positive trend that seems to bode well for Bitcoin’s outlook is growing long-exposure from institutions using the CME.
This trend suggests that institutions are still pouring money into the market.
At the time of writing, Bitcoin is trading up just under 2% at its current price of $36,700. This marks a notable decline from daily highs of nearly $38,000 set just a couple of hours ago.
The entire market retraced with BTC, but ETH and other altcoins are all trading up significantly from where they were just a few days ago.
One positive trend for Bitcoin is the growing presence of institutions in the market, which is a large part of why it has been rallying so heavily throughout the past few months.
Although they may be bidding less aggressively on BTC as it hovers around its all-time highs, data from the CME’s latest Commitment of Trader’s report indicates that long interest for BTC amongst institutions is steadily climbing.
“12 – January CME $BTC Commitments of Traders (COT) report – Open Interest: 12,039 up 6.5%”
The coming few days should shine some light on whether or not the constant rejection seen by Bitcoin in the upper-$30,000 region will have any impacts on its mid-term trend.