What Goldman Sachs reviewed and bitcoin’s recent affirmative move around $30000 with glimpse of latest swissblock review.
Another positive fundamental in Bitcoin growth is that Goldman Sachs which is the largest financial institution in wall street has recently published a report having positive impacts about the crypto growth and organic adoption among the institutions. It said that institutions are more eager to discover and invest in the crypto .Theories have been already established to consider crypto as financial asset and now the major institutions are also taking interest in the crypto backed projects.
The major institutions as per the Goldman Sachs review are insurance companies which are getting inspired by the innovative and disruptive nature of blockchain and its impact on the fin-tech industry. Insurers have placed crypto on 5th position in the list of products that might yield highest returns. This is overall a good sign for cryptocurrency and for the fundamentals .The way crypto gets to real mainstream adoption is by building out the payments infrastructure that accepts crypto businesses and can easily accept crypto payments hassle free.
According to a report, several US based miners have been dumping their Bitcoin assets in the open market due to the rising expenses of mining with the lowering of profit margin. Bitcoin mining profitability has dropped to its lowest level since mid-2020, with Bitcoin prices around similar lows .Due to the recent policy tightening by the federal reserves bitcoin price again slumped over 5% erasing recent gains. The federal reserves shrinked its $8.9trillion sheet on Wednesday which causes loss in the risk-driven assets.
According to the glass node data, the total ETH staked in the Ethereum 2.0 contract continues to climb .Over 12.764M $ETH has been staked by 398k unique validators. This is 10.73% of the circulating supply. Since 1-May, 19.8k additional validators have staked, and come online. The total ETH staked in the Ethereum 2.0 contract continues to climb. Over 12.764M $ETH has been staked by 398k unique validators. This is 10.73% of the circulating supply. Since 1-May, 19.8k additional validators have staked, and come online.
Bitcoin got rejected hard from the resistance level around, $32,450. Price now dipped back to the support level/ lower range support. Bulls are trying to sustain above the support. One can expect the range to continue. Bitcoin continues to dip back to the formed support area of $28748 – $29,450. Price just taps and move showing range will continue to happen. Overall Market is bit ranging, so better stay away from risk entries.
Bitcoin’s correlation with equities has decreased drastically over the last week, and it has increased considerably with Gold, which looks like is a trend that will continue for at least the next couple of weeks and will determine our new long term market structure.
What does this exactly mean?
This means that while we expect US equities to keep dropping over the next 4-6 months, we’re likely going to see a price action rally in both Gold and BTC, which as we’ve already told you before, should be enough for us to reach above $40,000.
Even though we can see some lower time frame bullish pressure, we’re taking advantage of it to fill our lower orders before the next upside move in the next 3-5 days. With this new move, we’re expecting to reach at least our mid term targets and taking profit before another potential drop.
Even though mid term market structure remains neutral until we see a higher volume confirmation for either the bulls or the bears, we’re still bullish on lower time frames and can expect to see a daily continuation towards at least our current local highs. Form this area, we’ll determine if that move will continue higher or it will be once again rejected in a potential double top before heading to lower mid term levels.
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