Bitcoin price attempts recovery ahead of inaugural BTC Investor Day in NYC

•Bitcoin price holds above $66,000 after FOMC, inspiring an altcoin awakening.

•If BTC reclaims $69,000 decisively, it could record a new all-time high above recent $73,777 peak.

•March 22 is the inaugural Bitcoin Investor Day in NYC, bringing together sophisticated Wall Street investors interested in BTC.

Bitcoin (BTC) price showed some level of strength on Wednesday after the Federal Open Market Committee (FOMC) meeting and press conference, moving from the $62,000 range to hold above $63,000. While some anticipate an extended move north, the number of analysts with bearish bets for BTC in the short term is also significant.

Wall Street prepares for inaugural Bitcoin Investor Day in NYC

As Bitcoin price continues to enjoy buoyancy inspired by the Wednesday FOMC, Wall Street is preparing for the Inaugural Bitcoin Investor Day to be held in New York City. Hosted by leading research firm Reflexivity Research, Anthony Pompliano will moderate the event, which is advertised as an annual meeting for sophisticated Wall Street investors interested in Bitcoin.

Guests will comprise institutional investors, capital allocators, and entrepreneurs, coming together for networking opportunities and insightful discussions around the future of Bitcoin. The event could drive up Bitcoin price because of new perspectives gained among investors, as well as increased capital inflow from institutions.

Some investors may speculate on the price movement of Bitcoin leading up to, during or after Bitcoin Investor Day. This speculative activity could result in short-term price fluctuations in either direction. However, if the Bitcoin Investor Day results in positive sentiment and optimism about the future of Bitcoin, it could translate into higher buying activity and push the price of Bitcoin higher.

Nevertheless, the dwindling spot BTC exchange-traded funds (ETFs) inflows continue to impede the rally north for Bitcoin price. According to Eric Balchunas, an ETF analyst at Bloomberg Intelligence, Grayscale’s spot BTC ETF, GBTC, has recorded up to $1.4 billion in outflows this week, marking the second wind of outflows.

Nevertheless, he acknowledges that beyond ETFs, there are other players controlling the market as well.

Meanwhile, Alex Svanevik, CEO of Nansen, told FXStreet, “Smart money stablecoin holdings as a percentage of their portfolios have dropped to 5%, a level not observed since February 11, 2021.” This decline suggests increasingly bullish sentiment among institutional investors.

Moreover, the most substantial adjustments in smart money portfolios reveal a consistent trend toward tokens such as Pepe (PEPE), Yearn Finance (YFI), Singularity Net (AGIX), Fetch.ai (FET) and Fantom (FTM), among others.  This signals evolving investment strategies and emerging opportunities.

Bitcoin price outlook as BTC proponents gather in NYC

Bitcoin price is trading with a bullish bias and prospects for more gains as the weekly Relative Strength Index (RSI) displays higher highs. The Moving Average Convergence Divergence (MACD) is also in positive territory, adding credence to the bullish thesis.

Increased buying pressure could see Bitcoin price restore above the $69,000 threshold. A weekly candlestick close above this level would set the pace for a continuation of the primary trend, with BTC price likely to clear the $73,777 all-time high and record a higher peak around the $74,000 range. This would constitute a climb of around 10% above current levels.

BTC/USDT 1-week chart,from TradingView

Conversely, if profit-booking continues, Bitcoin price could drop, falling into the supply order block between $57,673 and $65,656. In a dire case, the slump could send BTC to the weekly imbalance, extending from $52,985 to $59,005 before a possible move north.