Institutional Flock Back, a Case for Bitcoin Recovery?
Just when you thought the Bitcoin liquidation pressure is insurmountable, it has now emerged that one of the biggest banks in the United States, Morgan Stanley, owns over 38,000 GBTC shares per the latest SEC filing.
Bitcoin supporters are convinced the technology is a monetary revolution, a master class by the mysterious founder. It presents a solution to the masses that's wholly insulated from government manipulation and any form of intervention.
Sparked by developments in El Salvador, panning out amid a severe drawdown, this revelation will embolden traders who are still refining, searching for entries. The case for Bitcoin becomes even stronger considering grim inflation data and the global economy choking in debt.
At spot rates, the BTC/USD trend seems to be gelling traders who are hoping for another leg up above $40k.
If anything, events of the last few weeks have nothing but pain for HODLers. Bitcoin prices crashed from over $60k, more than halving to $26k in May 2021. This price zone is still definitive, active as a region of support.
However, with the entry of buyers and increasing upside momentum in the last few days, perhaps catalyzed by supportive fundamentals, the institutional entry would rekindle confidence, building momentum for the next wave in a buy trend continuation pattern.