Bitcoin's victory last week was in the 44,807.24 - 48,178.13 range between the two red dotted lines. Today the price once again confirms its upper border with a rebound, again showing the significance of this level for market participants.
Technically, this range may be significant in the coming days: both of its borders are confirmed, and before the breakdown of the resistance of 48,178.13, the market may move to consolidation.
Technically, the price dropped from the level of 48,178.13 to the middle of the range. There is still a reserve for support here, and BTC/USD may turn up after it has been reached. In this case, a small pullback after almost ten days of growth looks very natural: the bulls are probably taking overclocking for a new growth.
An exit from the sideways of 44,807.24 - 48,178.13 upwards with the confirmation of this level as support will open the way for Bitcoin to the psychological level of $50,000 per coin. But technically, if you look closely, the stronger target would be $52,000, and even more precisely, the 52,000 - 52,929.25 zone.
Now that the nearest technical milestones and possible scenarios are clear, let's see what is happening against the fundamental background. The local market is not worried about the infrastructure bill and is doing the right thing. The network data, which showed the fastest growth in the number of Bitcoin users in history, confirms the forecast for future growth.
Meanwhile, institutions with limited options to invest in spot bitcoin are investing in the mainstream cryptocurrency in affordable (and less risky) ways.
Thus, four institutional investment firms gain access to the main cryptocurrency by buying 250,204 shares of the investment fund Grayscale.
The Grayscale Bitcoin Trust offers institutional investors access to Bitcoin through its stocks, which track the performance of the leading cryptocurrencies. According to the fund, each share is 0.00093848 BTC.
Recent documents sent to the SEC show that four asset management companies either bought the initial tranche of GBTC shares or increased their stakes in the fund.
Ancora, an Ohio-based family wealth consulting firm, has acquired 13,945 shares in the fund as of June. The company was founded in 2003 and currently manages $9.40 billion in assets.
Also during the same period, Clear Perspective acquired 7,790 Grayscale securities. It is an investment consulting company with over $591 million under management.
From the papers filed with the SEC, it became known that Boston Private Wealth bought Grayscale shares this year in two tranches. As of March 31 of this year, the company owned 88,189 securities, and as of June 30th increased its share to 103,469 GBTC. The investment consulting company manages assets worth $17.2 billion.
Financial services firm Parkwood has also increased its stake in Grayscale. On March 31, Parkwood had 93,000 GBTC shares, and a month later the share increased to 125,000 shares. The company's portfolio is now worth $863.63 million.
