In the past 24 hours, Bitcoin (BTC) has seen a significant price pullback in tandem with the wider cryptocurrency market, which marked a $300 billion loss over the weekend.
To be precise, BTC has lost 6.76% in value on the daily chart.
In contrast to the recent crash, institutional investors seem to have retained a bullish outlook.
In the past two months, 76 new entities that hold more than 1,000 BTC have joined the network, per an April 7 X post from renowned cryptocurrency technical analyst Ali Martinez.
This represents a 4.6% increase in the number of accounts holding more than 1,000 Bitcoins. Despite the leading digital asset crashing below $80,000, institutional investors are not selling their holdings — so at least one aspect of Bitcoin demand remains stable.
Institutional Bitcoin demand is a long-term bullish signal — but will have limited effects in the near term
Bitcoin’s technical outlook remains dire, as a death cross chart pattern was recently spotted — and the ongoing decline in prices is happening on strong volume, indicating that the asset could still be far from reaching a bottom.
Ultimately, near-term price action will depend on wider macro factors. The chief driver behind the current decline is President Trump’s budding trade war. Unless the U.S. administration’s approach to tariffs changes substantially in the coming weeks, the wider crypto market, as well as BTC, will likely continue to see prices move downward as investors shift their focus to safer, low-risk assets.
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