Analysis: Weak U.S. Institutional Demand, Bitcoin Could Continue to Consolidate in the Short Term

BlockBeats News, June 28th, Bitfire Group stated in its latest market commentary that Bitcoin's negative premium on Coinbase continues to widen, reflecting ongoing weakness in U.S. institutional buying. At the same time, the Strategy Yield-bearing Preferred Stock (SYPS) briefly dropped below $84. Although there is no immediate risk of liquidation, market concerns about whether it needs to sell Bitcoin continue to weigh on market sentiment.

Bitfire Group pointed out that from a technical perspective, Bitcoin is still trading below the 20-day and 50-day moving averages, with short-term moving averages in a bearish alignment. The daily RSI is around 40, indicating weakness but not yet in oversold territory. The Bollinger Bands are sloping downwards overall, with the middle band acting as strong resistance.

Bitfire Group believes that in a situation where the bulls lack sustained momentum and the bears remain in control, Bitcoin may continue to fluctuate below resistance levels in the short term and further test underlying real buying demand. Key resistance levels are at $64,650, $66,900, and $69,800, with the primary support level at $63,500.