(BTC() after the buyers sought to curtail the downtrend. Mike McGlone from Bloomberg, senior commodity strategist, highlighted recently that Bitcoin is trading at roughly 2%. 20% lower than its 50-week moving median and such discounted levels have “often resulted in good price support.”

Institutional traders are not likely to be deterred by the bearish price action over the last few days. They will continue to accumulate at lower levels despite the recent bearish trend. According to CoinShares’ Feb. 22 “Digital Asset Fund Flows Weekly” report, About $89 million was pumped by institutional investorsBetween February 14 and 18, Bitcoin funds were poured into, bringing the monthly total to $178.3 millions.