Wednesday, May 22, 2024

Bitcoin Maintains Price Above $66K Amid Morgan Stanley’s Filing of Prospectus to Include BTC ETF Exposure in Two Funds.

The price of Bitcoin (BTC) is still range-bound, staying above $63,000 while its upside is capped below $68,000. This contradicts or delays the notion that the fourth halving would cause investors to “sell the news.” According to sources, Morgan Stanley plans to increase exposure for Bitcoin exchange-traded funds (ETFs) in two of its funds, even though Kraken left a lot of questions after the halving.

Everyday digest market movers: Morgan Stanley may be exposed to up to 14 Bitcoin ETFs.

Morgan Stanley, a global investment bank based in the United States, submitted a prospectus to increase the amount of Bitcoin invested in the Discovery and Growth Portfolios. It follows the financial services firm’s earlier-in-the-month filing for exposure to Bitcoin ETFs in twelve other funds.

Three weeks ago, the bank, which has assets under management (AUM) of up to $1.5 trillion, sent compliance and educational materials to every advisor as part of its commitment to increasing exposure. This was done in preparation for the expected approval of Bitcoin ETFs for sale to clients by its advisor network.

Other asset managers are probably going to look to incorporate Bitcoin exposure into their funds, following Morgan Stanley’s example. This can begin slowly before picking up steam, just like what happened with ETFs. Brian Kelly, as stated on CNBC:

The optimistic thesis for Bitcoin is that there is a lot of pent-up demand, with Morgan Stanley and UBS still to come online with a reduced supply.

Kelly made these comments when talking about how the ETFs and the halving might affect each other.

In other news, the market is moving a little bit ahead of schedule, according to Kraken CEO Dave Ripley, as the price of Bitcoin hit a new all-time high of $73,777 ATH before halving. “We’re a little bit ahead of schedule. This is the first time we’ve actually seen an all-time high before the halving,” he said.

Technical analysis: Bulls are defending $66,500 as the price of bitcoin displays strength.

Large yellow volume spikes indicate where buyers find congestion, and the volume profile indicator, which is based on a one-minute time frame for the BTC/USDT trading pair, indicates that many bulls are defending the $66,500 level.

The buyer congestion level, which is located at $66,500, would offset the selling pressure if the price of Bitcoin were to decline. If the bears’ selling pressure is outweighed by positive momentum, the price of bitcoin might break through the resistance level at $66,754.

The uptrend would be confirmed if the one-minute time frame saw a candlestick close above this mark. This might lead to a recovery of the $73,777 top Bitcoin price before a new all-time high is set.

But if the bears are right, the price of bitcoin might drop below $66,500. A break and closure below $66,400 would allow for more declines to $60,000 and beyond.

The Relative Strength Index (RSI) has reached a higher overall high on the daily time frame and is still positive because it is still well above the 50 mean level. The overall trend direction is indicated by the 21-, 50-, and 200-day Smooth Moving Averages (SMMA) indicators, which are likewise in an uptrend. In this directional bias, $70,000 and $73,777 are important levels to monitor, as they would indicate a new ATH for the markets.

The bullish argument would be refuted by a weekly candlestick close below $60,000, which would result in a lower low.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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