Investing.com – The rest is under pressure on Tuesday, as was the case all day yesterday.
Remember that Sunday saw Bitcoin drop from around $41,000 to $44,350 overnight from Sunday to Monday. But after this rally, le has steadily declined, reaching a low of $42,000 last night.
Even if the effect of the recent new signs of hostility from China towards cryptocurrencies has not affected Bitcoin as in previous episodes of the same type, it must be admitted that this issue is still undoubtedly limiting Bitcoin’s rally.
But not all news is bad for BTC.
Morgan Stanley (NYSE 🙂 Double Your Bet on Bitcoin
For example, we learned yesterday that major US investment bank Morgan Stanley has doubled its BTC investment since April, via the Grayscale Bitcoin Trust.
According to a Securities and Exchange Commission (SEC) report presented yesterday, the Morgan Stanley Europe Opportunity Fund, which invests in established and emerging companies in Europe, owns 58,116 shares in the Grayscale Bitcoin Trust, or GBTC, as of July 31, up more than 105% since April. .
This proves that institutional investors are still very interested in Bitcoin.
Bitcoin ‘at the beginning of a long-term uptrend’
On the other hand, but also positive for Bitcoin, it is worth noting that the founder of Fairlead Strategies, Katie Stockton, told Yahoo Finance All Markets Summit Plus that cryptocurrency adoption is still in the “very early stages.” with limited flow. of institutional funds in space.
“We’re kind of on the lower end of that curve, right? It could accelerate to the upside,” she said. “This applies not only to individuals, but also to institutions, especially pension funds, which are a source of important assets. Really, this has not been widely publicized in cryptocurrencies yet.”
Stockton also said that he expects a “long-term bullish trend in cryptocurrencies,” noting that the cryptocurrency held at key resistance levels.
“Bitcoin tends to outperform when it drops collectively and [les cryptoactifs] “You tend to stay straight in sync,” she said. Same day and I think that’s something we can count on.”
Bitcoin technical analysis
In the short term, the hourly BTC/USD chart shows that Bitcoin is closed in a triangle. A break above $44,000, or below $41,000 is required to validate an upper or lower exit from the triangle.
Below $41,000, the psychological low of $40,000 will be directly targeted. Above $44,000, Bitcoin will face further resistance quickly towards $45,000.
Looking at the daily chart, we also see that the 200-day moving average is currently at $45,400, which reinforces the importance of the $45,000 area.
On the downside, we can see that the 100-day moving average, currently at $41,150, has acted as an accurate support for several days.