Bitcoin Price Rebound: Halving Hype or Institutional Influence?

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Bitcoin’s (BTC) price has shown early signs of recovering the crucial support level above $67,000 following Tuesday’s rebound. According to the latest market data, Bitcoin price edged 2 percent higher in the past 24 hours to trade around $66,300 on Tuesday during the early London session.

The flagship coin absorbed significant selling pressure from Grayscale’s GBTC, ARK 21Shares Bitcoin ETF (ARKB), and the US government. 

According to spot BTC ETFs’ daily flow, GBTC and ARKB recorded an outflow of $82 million and $88 million, respectively on Monday.

Meanwhile, the United States government deposited more than $30k Bitcoins, worth around $2 billion, to Coinbase.

Midterm Bitcoin Price Prediction 

The fourth Bitcoin halving is about seventeen days from happening, historically triggering the onset of the macro crypto bull run. However, Bitcoin price had already set a record high before the halving event, thus indicating a possible super-cycle ahead fueled by institutional investors.

According to a Bitcoin price analysis conducted by a popular crypto analyst alias Captain Faibik, the flagship coin has been forming a bullish pennant in the four-hour time frame. As a result, the crypto analyst highlighted that Bitcoin price must reclaim the support level above $70,000 to regain the bullish momentum.

A popular technical analyst, Jason Pizzino, issued a similar outlook who noted that Bitcoin price is currently catching a breather before continuing with the bullish momentum. Notably, Pizzino argued that the macro bullish continuation remains strong as long as Bitcoin’s price does not fall below $48k.