Bitcoin (BTC) is drifted higher, changing hands around $59,000, as buyers awaited the next wave of institutional demand, according to Edward Moya, senior market analyst at Oanda, a foreign exchange broker.
A brief price pop earlier Monday came after MicroStrategy, the Nasdaq-listed business intelligence firm, bought $15 million of BTC at an average price of $59,339 per coin, adding to its already substantial hoard.
The largest cryptocurrency by market cap has risen by about 36% over the past month. Oanda’s Moya told CoinDesk in an interview that the bullish sentiment stemmed at least partly fueled by excitement over the much-anticipated public stock listing of the cryptocurrency exchange Coinbase.
Now, the focus shifts back to institutional players with deep pockets, which could support the next leg higher above $60,000 in BTC.