Bitcoin bulls have maintained the top spot for the last two days and is currently trading at a high of $23,000 after surpassing support at around $22,654.
According to the Chief strategist of Matrixport, institutional investors are not giving up on crypto. Recent data suggests that as many as 85% of Bitcoin purchases were made by American institutional players.
A report by Matrixport also showed that it is possible to determine whether institutional or retail investors prefer a certain digital asset based on whether it is performing well during American or Asian trading hours.
Data revealed that on 24-hour trading, Bitcoin performs well during U.S. trading hours, indicating that American institutions are purchasing it.
So far this year, the flagship value has climbed by 40%, with 35% of those increases occurring during U.S. market hours.
An overview of the price of Bitcoin is overall bullish and further gains are expected soon. If the bulls can push past the $23,132 resistance level, there may be big gains.
However, investors should keep a close eye on the market as even small movements can have a significant impact on prices.
Other altcoins such as Solana and Decentraland have also seen gains of over 120% since the beginning of the month.
