Will $150 billion
#morganstanley push BTC to new ATH?
Bitcoin remains over $69,000 despite pessimistic expert predictions.
Morgan Stanley may soon allow BTC ETFs.
Rising open interest suggests Bitcoin may hit a sell wall, causing instability.
Will $150 billion Morgan Stanley boost Bitcoin's ATH?
Reports citing SEC filings show $150 billion investment bank Morgan Stanley registered to acquire Bitcoin ETFs, suggesting the financial institution may soon authorize BTC ETFs on its platform.
Give more investors access to the bitcoin market via a regulated and familiar investment instrument. This accessibility may draw mainstream investors to digital assets.
A large financial institution like Morgan Stanley would provide authority and credibility to the crypto market, easing institutional investors' fears about Bitcoin.
Facilitate institutional involvement, liquidity, and market stability.
Bitcoin price is approaching a significant selling wall with a liquidity zone between $74,000 to $75,000. In this price range, there are enough buyers and sellers to make speedy exchanges.
Open Interest rose about 13% in three days, from $33.81 billion to $38.02 billion between March 24 and 27. This suggests market instability and increased market activity.
Bitcoin price forecast amid growing open interest and Morgan Stanley rumors
Bitcoin price is over $69,000, but negative pressure makes this support weak. A weak Relative Strength Index (RSI) implies declining momentum. As seen by the Awesome Oscillator (AO) and Moving Average Convergence Divergence (MACD) green histograms, bulls remain strong in BTC.
Bullish momentum might push Bitcoin price back to $73,777. Clearing this roadblock might push BTC price into the $74,000ā$75,000 liquidity zone.
If bears can push BTC below $69,000 on the 12-hour time period, additional sell orders may follow. Bitcoin price may find support around the 50-day SMA at $67,627 after a prolonged drop.
The pioneer cryptocurrency might roll over to $61,701 or fall to $59,224 before the bulls can recoup.
#BTC $BTC