- The Bitcoin price was nursing minor losses of 0.60% in the latter stages of the session on Wednesday.
- BTC/USD price action is extremely narrow, as price moves within a triangular pattern, subject to a near-term breakout.
- Reports that big instributional players and high-net-worth individuals are buying behind closed doors.
The Bitcoin price in the latter stages of trading on Wednesday was trading down by 0.60%. Price action has been somewhat muted, within a tight range. The case remains with a lack of commitment in trend, which could all change very soon.
In interesting commentary, it was stated that an increasing number of institutional investors and high net-worth individuals are stocking up on Bitcoin over-the-counter. This statement was according to Cumberland’s global head of trading, Bobby Cho.
These types of transactions being done behind closed doors. The liquidity just isn’t sufficient enough to process multi-millions dollar orders, for large institutions and investment firms. Should a trading platform process such sheer volume, it could have a large impact on the short-term price action for cryptocurrencies.
BTC/USD as mentioned is narrowing on a daily basis in terms of price action. It has been moving within a triangular pattern. Resistance to the upside seen at $6660, the upper descending trend line, in proximity to the 50 and 100DMAs. Support to the downside is eyed at $6245.
BTC/USD daily chart
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