BITCOIN (BTCUSD) – Week 14 – Breaking the top
This week we had a report about Bitcoin's recent drop in volatility, which according to JP Morgan, can serve as a trigger for institutional investors. Bitcoin's three-month realized volatility has declined to 86 percent, according to the investment bank. Goldman Sachs and Morgan Stanley, two of the world's most prestigious financial firms, recently announced intentions to sell Bitcoin investment goods.
Fidelity filed a tentative registration statement with the Securities and Exchange Commission on March 24 on behalf of its Wise Origin Bitcoin Trust, an exchange-traded fund that will monitor the value of Bitcoin as determined by its Fidelity Bitcoin Index. WisdomTree, CBOE/VanEck, NYDIG Asset Management, Valkyrie Digital Assets, and SkyBridge Capital all filed related SEC filings this year.
Technically, we observe that Bitcoin is in a consolidation and we think it will continue its way towards the top eventually breaking it. There is a probability for a pullback to occur, but at this stage we believe that the downside is limited. The pullback, if it happens, will probably stop at the $56,700 price tag or at the blue trendline marked on the chart.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
Fidelity filed a tentative registration statement with the Securities and Exchange Commission on March 24 on behalf of its Wise Origin Bitcoin Trust, an exchange-traded fund that will monitor the value of Bitcoin as determined by its Fidelity Bitcoin Index. WisdomTree, CBOE/VanEck, NYDIG Asset Management, Valkyrie Digital Assets, and SkyBridge Capital all filed related SEC filings this year.
Technically, we observe that Bitcoin is in a consolidation and we think it will continue its way towards the top eventually breaking it. There is a probability for a pullback to occur, but at this stage we believe that the downside is limited. The pullback, if it happens, will probably stop at the $56,700 price tag or at the blue trendline marked on the chart.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
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