Institutional caution may be limiting BTC rally, analysis suggests

Bitcoin is showing upward momentum, rising above the $77,000 mark, but institutional investors are taking a cautious stance and preparing for a potential downturn, CoinDesk reported. The media outlet explained that while Bitcoin climbed 1.7% over the past 24 hours to approach $77,500 on robust, above-average trading volume, the derivatives market tells a different story. Open interest for put options with a $76,000 strike price expiring at the end of June surged by 22.5%, indicating clear demand for downside protection at current price levels. Concerns about future selling pressure have also grown after approximately $770 million worth of Bitcoin was deposited into exchanges last week, a common preliminary step before a sale. Market experts added that with Bitcoin reacting sensitively to macroeconomic variables, its ability to hold the key technical support level of $76,200 is critical.