The price of Bitcoin is still heavily influenced by retail traders, but institutional inflows are necessary for long-term growth. BlackRock (NYSE:BLK) is currently among the few institutional investors actively boosting cryptocurrency inflows, albeit the majority of its attention has been focused on Ethereum.
More institutions must enter the market if Bitcoin is to reach $60,000. The weekly asset flow chart for cryptocurrency demonstrates the recent decline in institutional participation, with negative flows affecting the mood of the market as a whole. Large financial institutions showing renewed interest would provide Bitcoin the confidence and liquidity it needs to overcome its resistance levels.
More buyers are probably going to enter the market as fear fades and confidence in it grows, which will accelerate the upward trend. Positive developments on the market, along with a shift in sentiment, could be the impetus needed for Bitcoin to finally break through the $60,000 mark.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
