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Last week Bitcoin price entered the tight squeeze zone of its previously highlighted wedge pattern. Fast forward to the present and the cryptocurrency has since pushed above the pattern’s descending resistance line.
The above outcome has effectively resulted in a Bitcoin price wedge pattern breakout amid improving market sentiment. For context, the fear and greed index pushed to 47 in the last 24 hours. A sizable recovery from 32 a week ago, which means the sentiment shifted from fear to neutral.
Bitcoin price had a $88,276 press time price tag which meant that its bullish breakout was still holding on to some momentum. But can it continue on the same trajectory in the second half of the week?
The fact that sentiment was neutral may manifest some uncertainty about the next Bitcoin price move. Especially with the MFI showing signs of profit-taking after the latest upside. This could signal that price may encounter more resistance on the way up.
A recap of Bitcoin whale and institutional flows this week
Bitcoin large holder netflows saw a bit of an uptick from as low as 58.16 BTC to 311.8 BTC. This may have contributed to momentum build-up for the descending resistance breakout.
Whale activity has since shifted to net outflows. Whale netflows peaked at -629.42 BTC on Monday, which indicated that whales were still focused on short-term profit-taking.
Interestingly, Bitcoin spot flows registered $324.09 million in net outflows a day later (Tuesday), further confirming short term profit-taking.
Meanwhile on the institutional side of things, Bitcoin ETFs maintained negative flows. Roughly $111 million worth of spot inflows occurred on Monday and Tuesday.
It is however worth noting that daily ETF flows remained relatively weak. Perhaps an indication that institutional buyers are still leaning on the side of caution.
Could Bitcoin price be headed for more upside in the coming weeks?
Bitcoin could be on track to conclude March in the green if it can avoid more downside. It has recovered well so far, but the threat of weak demand could still pave the way for the bears.
Meanwhile, positive developments especially regarding institutional adoption continues to grace the market. For example, Michael Saylor recently confirmed that GameStop is diversifying its investment strategy by adding BTC to its treasury.
This development means GameStop is now one of the high profile institutions that have embraced the cryptocurrency.
The latest Federal Reserve data confirmed that interest rate hikes are off the table for now. It also revealed the possibility that rate cuts could be around the corner, and could occur as early as April.
Rate cuts ahead could pave the way for more liquidity flows into Bitcoin flows. Speaking of liquidity, the M2 money supply has been ticking up.
The M2 money supply reaching a new ATH could indicate potential for more liquidity flows into risk-on assets. Bitcoin could thus benefit in the coming weeks if other factors will be in favor.
