Bitcoin's price was stuck in a tight range as trader sentiment waned, with major banks like Goldman Sachs and Morgan Stanley at odds over Bitcoin investments.
Goldman Sachs Invests in Bitcoin
A key event in the Bitcoin market this week was the filings by major American banks. Goldman Sachs, one of the most prestigious names on Wall Street, revealed that it had acquired Bitcoin ETF shares worth over $418 million. Other prominent companies like Millenium Management, Barclays, Nomura, HSBC, Bank of America, Jane Street, and Susquehanna have also invested in these funds. However, companies like Vanguard have avoided launching spot Bitcoin ETFs.
Mixed Signals from Bitcoin Price
Fundamental and technical analysts have mixed opinions on what to expect in the coming months. Some, like Wolfe Research, believe that Bitcoin's path of the least resistance is downwards. Others, like Cryptonary, believe that Bitcoin has multiple catalysts ahead, including the end of the summer season, the conclusion of the U.S. election, and the start of Federal Reserve interest rate cuts.
Technical Analysis of Bitcoin
Technically, Bitcoin is in a gray area as it remains below the 200-day Exponential Moving Average. It has even formed a 'death cross' as the simple moving average has made a bearish crossover. On the positive side, the coin has formed a falling broadening wedge pattern, a popular bullish sign. This pattern will only work out if the coin rises above the year-to-date high of $73,732.
In summary, the Bitcoin market is sending mixed signals, and the situation around major investments and technical analysis remains uncertain.
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