Bitcoin is growing steadily, consolidating above the 44,807.24 level. The main cryptocurrency is moving towards the resistance of 48,178.13, above which, based on Tuesday's review, it may become unstoppable.
Meanwhile, incoming data show that the recent announcement by SEC Chairman Gary Gensler on the regulation of the market has encouraged institutions, and they are actively increasing their positions in the cryptocurrency and are ready to expand in this market.
Neuberger Berman, a management company worth $402 billion, submitted a proposal to the SEC to place cryptocurrency futures for one of its funds - Neuberger Berman Commodity Strategy Fund's (the "Fund"). It will offer access to bitcoin and ether futures along with crypto ETFs to gain indirect access to funds.
The company said in a statement that the Neuberger Berman Commodity Strategy Fund will actively manage investments in cryptocurrency and digital assets through derivatives such as bitcoin futures and ether futures. Investments in cryptocurrency trusts and exchange-traded funds are also planned to gain indirect access to bitcoins.
Institutional giants have been leaning towards the crypto derivatives market since SEC chair Gary Gensler hinted that a derivative ETF has a better chance of approval than funds looking to hold physical bitcoins. Since then, four institutional giants have applied for a Bitcoin ETF strategy that offers entry to the futures market. Among the latest sensational ones are VanEck together with Invesco.
Meanwhile, charts from data analytics provider Glassnode show long-term holders are buying back Bitcoin's plunge. The number of coins they own has recovered to levels last seen in 2020.
A graph of the total number of bitcoins in long-term investors' accounts to the same high level as last year, when the main cryptocurrency was worth $13,000. It's worth noting that this curve declined by January 21, when bitcoin began to rally above $20,000. And after the fall in May, the chart began to grow again.
According to another chart, large investors continue to accumulate bitcoins, replenishing them with cold storage wallets.
This optimism speaks to the long-term growth prospects. But the short-term picture remains at the mercy of technical fluctuations. The dynamics within the wide range of 41,980.24 - 64,883.36 is likely to remain at the mercy of speculators.
Now, the BTC/USD trading range remains between the levels of 44,807.24 - 48,178.13. If big players continue to buy back the fall and the price confidently consolidates above $48,000 per coin, Bitcoin may return to its all-time high.
One cannot but mention the fact that the market reacted with restraint to the vote on the infrastructure bill on Tuesday. I assume that the attention of investors has shifted to the issues of industry regulation.
Gary Gensler's comments during the quarterly report on Tuesday also mentioned cryptocurrency exchange Coinbase, citing the prospect of creating regulatory norms for cryptocurrency as a factor of uncertainty.
In summary, it is worth remembering that unpredictability has not disappeared from the market, despite the current optimism. It remains for traders to focus on what they see on the chart, and not on what they expect to happen. The price, as Charles Dow said, includes everything. And even those factors that elude the eyes of analysts.
