The price of Bitcoin doesn’t look inspiring despite a small bull run in the last week of June. Moreover, it is not performing like other cryptocurrencies like Ethereum that posted a 7% gain during the session on 29th June. Nevertheless, the bulls dominated the market on the weekend and helped Bitcoin surge from the swing lows.
- ARK invests in listing BTC ETF in SEC
- Morgan Stanley to invest GBTC shares
- Binance bans in the UK but doesn’t impact the BTC price
- Technically, BTC is bullish amid a double bottom pattern and moving average
BTC/USD fundamental analysis: ARK and Morgan helping bulls
Recently, the news broke that the ARK Invest of Cathie Wood moved to list the BTC ETF. But the news could not help the BTC to extend the rally.
- ARK invest ETF
The SEC will list the ETF under the symbol of ARKB with the name ARK 21 Shares Bitcoin ETF. The NO reaction to the news by Bitcoin is understood as SEC Chair Gary Gensler had said that there would be slim chances of ETF approval in 2021. He also noted that there are several challenges to the protection of investors.
- Morgan Stanley’s move
Morgan Stanley, an investment bank of Wall Street, has been reported (as per recent filing) to snap up a vast amount of Grayscale Bitcoin Trust shares in April. The worth of Morgan Stanley’s exposure to Bitcoin is worth $1.3 million.
On the 28th June filing with the US SEC, Morgan Stanley owns 28 289 GBTC shares. Insight Fund and European Opportunity Fund may invest around a quarter of their assets in crypto-related financial instruments.
The investment bank with $4 trillion in clients’ funds has decided to accept Bitcoin as an asset class. Morgan Stanley was the first giant bank in the US to offer clients access to BTC funds under wealth management.
- Binance banned in the UK
A major cryptocurrencies exchange, Binance, got banned by the FCA, UK. It was big news for the crypto traders, but cryptocurrencies remained neutral. FCA said that BML had not taken any permission to offer services in the country. However, the Binance coin surged 18% and marked fresh highs. It shows that cryptocurrencies are stable and may remain in an upside consolidation.
- China‘s crackdown on BTC mining
The Chinese government reacted to the power shortage and cracked down on Bitcoin mining in the country. Since then, cryptocurrencies, including BTC, are suffering losses. The price had dipped to test the previous swing low in the 28000s.
BTC/USD technical analysis: double bottom and key levels to watch
Although bullish momentum in Bitcoin showed some force on 29th June, the price remains pinned near the key $35,000 resistance. The price looks capped by the 20-day moving average. The daily close below or above the 20-day moving average will be decisive for the buyers and sellers to enter the next move.
You can also see a double bottom pattern on the daily chart near the $28,800 area. This is a bullish indicator for the asset. As long as the double bottom holds, investors will look for buying opportunities.
The buyers have been supported by two bullish pin bars and a bullish engulfing candle on the 4-hour chart. Meanwhile, the price is above the 20-SMA as well.
The Bitcoin remains in a range of $33,850 to $35,400. Traders are looking for a breakout of the range to find the directional bias in the market.
- S1 33850
- S2 32000
- S3 30400
- R1 35500
- R2 36800
- R3 39100