Analysts warn of 'institutional exhaustion' with Bitcoin price clinging to $32K.

[Malam90]

The Coinbase premium has returned, but why is the price of Bitcoin still struggling to stay above $32,000?
The price of Bitcoin (BTC) recovered in the past two days after dropping to as low as $28,850. Following the swift rebound, however, BTC has been unable to break past heavy resistance at $33,000 on Jan. 23, pulling back below $32,000 at the time of writing.
Signs of "institutional exhaustion"
But everyone is far from bullish in the near term, however. Analysts at QCP Capital, a team of traders in Asia, see several signs of “institutional exhaustion.”

Considering that the main narrative around the recent has been the institutional demand for Bitcoin coming from the U.S., the rally may be in danger if the institutional appetite for BTC slows down. They said:

“Signs of institutional exhaustion: We've done a timezone analysis which breaks down BTC moves into Asia hours vs. US hours (12 hours each). Since March last year, the clear pattern has been relentless US buying while Asian whales and miners have been on the offer.” Source Link