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Bitcoin Bulls vs. Bears: Why BTC Is Consolidating Despite Massive <a href="https://xpertsstudio.com/citi-to-add-bitcoin-custody-for-institutional-clients-under-new-custody-platform/” title=”Citi To Add Bitcoin Custody for Institutional Clients Under New Custody+ Platform”>Institutional Dumps
In the past month, Bitcoin ($BTC) has been continuously grinding sideways between $62,000 and $66,000, with a press-time price of $ $64,595.
While dull, this consolidation is a testament to market resilience amid substantial selling pressure. It also reflects the positive market sentiment surrounding Goldman Sachs’ prediction of an “unlikely” September Fed Interest rate hike. Here are some of the cohorts showing adoption and endorsement of the cryptocurrency despite price stagnation.
Bitcoin adoption continues globally
Among institutions, Tudor Investment Corporation reversed its year-long selling trend by increasing its holdings in BlackRock’s spot Bitcoin ETF by 18.9% in Q2. Quantitative trading firm Jane Street also boosted its spot $BTC ETF shares by $630 million in the same quarter, bringing its position to between $990 million and $1.06 billion.
As for Bitcoin treasuries, Metaplanet (nicknamed “Asia’s Strategy”) plans on bringing its corporate $BTC treasury playbook to Nasdaqn and $2.5 million in cash into the gaming company, effectively rebranding it to Superplanet
Another is Chinese company Zhibao Technology, which recently became the 33rd publicly traded Bitcoin treasury after selling shares for 2,380 $BTC.
In terms of regulation, Kazakhstan announced a three-year 0% tax policy on individual crypto gains. Meanwhile, Russia’s crypto regulatory framework has encouraged Moscow Exchange to announce its debut of Bitcoin and Ethereum futures trading in September.
As for endorsements, BlackRock says a 1-2% weighting on $BTC achieves optimal risk-adjusted returns, with reduced correlation to the stock market proving advantageous.
Meanwhile, Ohio Governor Candidate Vivek Ramaswamy announced Bitcoin education in public schools as part of his manifesto. This would mimic El Salvador’s Bitcoin literacy program launched this year.
Short and long-term targets
In the near-term, if $BTC holds above the median realized price of $63,200, it could rise to the $65,000 resistance mark. However, a break below this would pave the way for $62,000. Nonetheless, conviction buyers have increased as charts depict similarities to the 2022 bottom. End-of-year projections range between $50,000 (Standard Chartered) and $75,000 (Fidelity Investments).
Source: cryptonews.net