There is no news on the bitcoin chart yet, the technical picture remains the same. The forecast also does not change and remains relevant.
Therefore, while we are waiting for the direction in which the price of the main cryptocurrency will come out of the sideways between the support area 40,977.38 - 41,980.24 and resistance 44,807.24 (red dotted line), consider the latest news. The latest report on the crypto industry and its outlook is encouraging, even with temporary market downturns.
Global Fund Management (GFM) released an annual report revealing that the crypto fund market is still a widely open pool of opportunities. Institutional investors see it this way, should treat it as such.
The GFM report was published by Coinbase and contains some very interesting insights to understand the industry. It hints that the SEC-approved Exchange Traded Fund (ETF) may hit the cryptocurrency market within a year.
Research cited by Global Fund Management has shown that the crypto fund market has been growing steadily over the years and is still on track to maintain this upward trajectory. Citing Crypto Fund Research (CFR), the report shows that the total number of cryptocurrency funds has grown by an unprecedented 800% over the past five years, and this figure could grow significantly over the next five years.
Much of the growth is attributed to the launch of venture and crypto hedge funds between 2017 and 2018. Also, the total amount of own funds of cryptocurrency funds almost doubled at the end of 2020.
The Crypto Fund Report for the first quarter of 2021 prepared by CFR showed that 426 of the 835 crypto funds created in the global market as of the first quarter of 2021 were venture capital funds and 386 were hedge funds.
At the same time, the Bitcoin ETF market sector is not yet so numerous, contrary to the forecasts of many crypto experts. ETFs make up only a small fraction of other funds in this market. And the impetus to create them is still very small compared to other segments. But Coinbase claims that the Securities and Exchange Commission does not seem to be short on demand for the final approval of a crypto ETF for the United States.
Currently, there is little understanding among investors about what the prospects for crypto-ETF approval are. But some experts believe that once regulation hurdles are overcome, the market could experience a major boom.
Rumi Morales, Partner at Outlier Ventures, talking about the future of Bitcoin ETFs, notes that this will be a unique way for many crypto investors to access and take advantage of the economic opportunities of Bitcoin. It will avoid numerous technical problems, which include registering wallets or storing digital coins.
In the meantime, we continue to monitor the schedule. Global trends and fundamentals are certainly good. But locally you need to trade what you see, not what you think. And technical analysis is the best helper in this.
The forecast for BTC/USD remains unchanged for now: if Bitcoin can hold above $40,000 per coin, then there is a chance of growth to $50,000. But the passage of the area 40,977.38 - 41,980.24 from top to bottom and consolidation below it will open the way for a fall up to $30,000.
