It has been reported that the potential impact of the upcoming Morgan Stanley Spot Bitcoin ETF may be underestimated.
In fact, it was predicted that a 2% allocation by the $8 trillion AUM Morgan Stanley Wealth Management, which recommended a BTC allocation of up to 4%, could reverse BlackRock’s IBIT size.
Alongside these predictions, the hash rate witnessed a drop of 10.2%. It showed miners’ stress and signaled tactical shutdowns and weaker operators leaving the network.
AMBCrypto reported that miner reserves reflect reward absorption, not a significant sell-off.
Volatility over the weekend continued to threaten short-term traders and investors. The most recent price drop was on Sunday, March 22, to $68.2K. $111.4 million in long liquidations within 24 hours.
This was likely a result of the flare-up of US-Iran tensions.
These were relatively modest numbers compared to the purge raids earlier this year. Could this mean the price will drop further?
Exploring the Bitcoin retracement phase
The 1 day chart was simple. The swing structure was in a downward trend but the internal structure was in an upward trend.
This meant Bitcoin (BTC) probably push higher Despite the decline, in the coming weeks hash rate.
The current rally is part of a broader pullback that could extend from $83.4K to $89.8K.
Investors’ call to action – Buy
One Publish on Xcrypto trader CrypNuevo He observed that a drop to the $69,000 level could see a recovery in the price. This may also be accompanied by a deeper price decline that has occurred in recent hours.
The buying opportunity has arrived. BTC price showed an upward trend with the RSI indicator. It also has a bullish structure on the 4-hour chart.
Even though the internal structure was in a downward trend, the price was in the Fibonacci gold pocket.
The divergence and the golden pocket combine to suggest Bitcoin will rise to the 23.6% extension level at $78.4K in the next week or two.
However, the downward trend in OBV last week was a sign of steady downward pressure. If it continues and sinks the price below $65.6K, the bullish idea outlined here will become invalid.
Final Summary
- Bitcoin price action has been in a long-term downtrend and short-term uptrend.
- BTC’s recent decline below $69,000 likely presented a buying opportunity. It has already trended upward with momentum.
