{"id":35230,"date":"2021-04-02T12:36:43","date_gmt":"2021-04-02T10:36:43","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=35230"},"modified":"2021-04-02T12:36:43","modified_gmt":"2021-04-02T10:36:43","slug":"bitcoin-price-adds-14-but-will-btc-usd-overcome-62k","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/bitcoin-price-adds-14-but-will-btc-usd-overcome-62k\/","title":{"rendered":"Bitcoin Price adds 14% but will BTC\/USD overcome $62k?"},"content":{"rendered":"

The Bitcoin price<\/a><\/strong> remains firm and fixed on an uptrend judging from events and price action in the last few days.<\/p>\n

Of note, there is even more pressure from institutions to gain exposure to BTC. Leading the pack is Goldman Sachs, one of the world’s largest investment banks and a global finance player.<\/p>\n

Goldman Sachs and Morgan Stanley have Plans for Bitcoin<\/strong><\/h2>\n

According to Bloomberg, on Wednesday, Goldman Sachs plans to offer crypto exposure to clients of its private wealth management unit. This wing manages billions of billionaire’s money.<\/p>\n

At the same time, on Thursday, Morgan Stanley\u2014another BTC critic, has already filed with the U.S. SEC to add Bitcoin exposure across a dozen institutional funds.<\/p>\n

However, it won’t be direct exposure but instead through cash-settled futures offered by regulated providers like CME or CBoE.<\/p>\n

Alternatively, it could acquire GBTC shares by Grayscale Investments. Grayscale Bitcoin Trust reports to the SEC, providing a safe, tested, and widely used route for the bank to gain BTC exposure.<\/p>\n

The announcement is barely a month after Morgan Stanley said it was planning to offer its private institutional clients exposure to BTC-related funds.<\/p>\n

Mass BTC Withdrawal from Exchanges<\/strong><\/h2>\n

Amid the news is a mass withdrawal of BTC from centralized exchanges to HODLing accounts.<\/p>\n

As captured by on-chain trackers, only 2.4 million (or less) BTC is held by exchanges, a potential crunch for new retail or institutional traders seeking direct BTC exposure.<\/p>\n

Bitcoin Price Analysis<\/strong><\/h2>\n

\"btc<\/p>\n

The BTC\/USD price remains in an uptrend, briefly soaring above $59k highs as buyers are firmly in control.<\/p>\n

As of writing on Apr 2, the BTC price was trading at $59.4k, adding 14 percent week-to-date<\/a><\/strong> and stable on the last day versus the greenback.<\/p>\n

From the daily chart, the BTC price started the month with spinning tops\u2014a series of inverted hammers at around Mar 2021 highs. With the influx of institutional investors and a BTC scarcity across centralized exchanges, BTC demand would likely lift the coin above $62k.<\/p>\n

Before then, traders can take a see-and-wait approach. A close above $62k with high trade volumes would mark the next wave of higher-highs, lifting BTC\/USD prices towards $93k\u2014the 2.618 Fibonacci extension level of the Q1 2021 trade range.<\/p>\n

On the flip side, sharp losses below $56k will confirm sellers of late February, sparking a sell-off that may see prices crash below $50k towards $42k in yet another retest.<\/p>\n

Chart Courtesy of Trading View<\/a><\/p>\n

\n

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Disclosure: Opinions Expressed Are Not Investment Advice. Do Your Research.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The Bitcoin price remains firm and fixed on an uptrend judging from events and price action in the last few days.<\/p>\n","protected":false},"author":11,"featured_media":21459,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,100,74,87],"tags":[4602,4910],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/35230"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=35230"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/35230\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/21459"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=35230"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=35230"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=35230"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}