Bitcoin (BTC) Hovers Around $62,000 as US Institutional Investors Sell

Bitcoin (BTC) is hovering around $62,000, caught in a temporary balance between bullish and bearish forces.

Bitcoin (BTC) price is showing signs of weakness in early October, as key metrics indicate selling pressure from US institutional investors.

Bitcoin price attempts to hold $62K amid mixed signals from US институциональных инвесторов.

Bitcoin (BTC) price is hovering around $62,000 on Oct 12, caught in a temporary balance between bullish and bearish forces. While some on-chain metrics suggest that BTC is preparing for another leg up, others hint at a possible correction.

Bitcoin price still facing selling pressure from US institutional investors

One factor that has been putting pressure on Bitcoin price in October is the Coinbase Premium Index, a metric that tracks the price difference of BTC between Coinbase and Binance.

The index has remained in negative territory throughout the month, indicating that Bitcoin prices on Coinbase are trending lower than on Binance, suggesting stronger selling pressure from US investors, particularly institutional investors.

“Coinbase Premium has dropped to -$41, signaling strong selling pressure from US institutions.”

Another data point that supports the argument that US investors are selling is the net outflow from US-based spot Bitcoin exchange-traded funds (ETFs). A chart from ByteTree shows that inflows into Bitcoin ETFs have been declining of late, and their assets under management (AUM) are slowing in growth.

To add further context, four out of the first six days in October recorded net outflows, with over $408 million being withdrawn from BTC ETFs. In contrast, only around $260 million flowed into ETFs since the start of the month. Recently, a wallet linked to BlackRock also recorded significant withdrawals.

Bitcoin price dances on a knife’s edge, according to UTXO Realized Price Distribution

Finally, the UTXO Realized Price Distribution (URPD) tool, which measures the amount of Bitcoin traded on-chain at different price levels, highlights a sensitive price zone for BTC.

According to data from Glassnode, $62,600 is a key level where a large volume of BTC has been traded. Below this price, support weakens dramatically, and if BTC fails to hold around $62,600 and drops below $60,000, it could decline toward $52,000.

However, if Bitcoin can break through the resistance at $64,000, it could quickly surge past $72,000, setting the stage for a strong rally in the coming weeks.

“This paints a picture of a market which rests on delicate ground, with a large volume of supply likely to be sensitive to the next major market move.”

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