BITCOIN (BTCUSD) – Week 10 – Are the bulls coming back?

“BTC is going mainstream” could have been a great newspaper headline for the week that passed. As we have repeatedly been telling you in our weekly newsletter, the financial institutions are opening their hearts and wallets for BTC. This week, MicroStrategy acquired another batch of 205 BTC, totaling 91k Bitcoins at an average entry price of $24,6 k. Mathew McDermott, Goldman Sachs’s head of digital assets stated this week that in their survey of GS clients, more than 60% think that their exposure to digital assets will increase in the near future. JP Morgan Bank distributed an educational deck to clients informing them that “if sized correctly” the cryptocurrency can be a portfolio diversifier. There were also rumors that Apple and other big tech companies may follow in Tesla’s footsteps and add BTC to their balance sheet.

The consolidation structure that started on February 23th continues with the price bouncing back and forth from the support area at $44k to the resistance area of $52k. Technically, we are waiting for a breakout of these areas and a consolidation above or below before continuing in that direction. As the price action structure is developing right now, we give a higher probability for an up move although a drop to the support area would not be something unexpected. We advise caution.

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.