Bitcoin continued its sideways price action as buyers successfully defended the $55,724 support this week. Large fund managers have used the period of consolidation to add spot Bitcoin exchange-traded funds (ETFs) to their portfolios. According to an analysis by CoinShares Research, Goldman Sachs bought $419 million, Capula Management acquired $470 million, and Avenir Tech purchased $388 million worth of Bitcoin ETFs since March. SA report published by cryptocurrency exchange Coinbase shows that institutional investors labeled as investment advisers increased their Bitcoin ETF holdings by 3% in the second quarter of 2024. During the same period, the hedge fund holdings declined slightly.

Bitcoin bounced off the $55,724 support on Aug. 15 and reached the 20-day exponential moving average ($60,193) on Aug. 18. The downsloping moving averages and the relative strength index (RSI), just below the midpoint, indicate a minor advantage to the bears. If the price turns down from the 20-day EMA, the bears will again try to yank the BTC/USDT pair below the crucial $55,724 support.

If they succeed, the pair may move downward toward $49,000. The moving averages have flattened out, and the RSI is just above the midpoint, indicating a balance between supply and demand. The balance will tilt in favor of the buyers if they push and maintain the price above $62,000. That will clear the path for a possible rally to $65,660. The bears will have to sink the price below $55,724 support to gain the upper hand. If they do that, the selling could pick up, and the pair may plunge to the vital support at $49,000. The bulls are expected to vigorously defend this level.

Lastly please check out the advancement’s happening in the cryptocurrency world

Enjoy the issue!