Technical Analysis of BTC/USD for April 6, 2021
Crypto Industry News:
Grayscale Investments appears to be planning to join the race of companies looking to launch an ETF in the United States. Grayscale announced its intention to launch the Bitcoin ETF on April 5, 2021, using the company’s blog. Founded in 2013, Grayscale Investments launched the Bitcoin Trust company, and currently GBTC manages assets worth 34 billion dollars. The company also offers a number of other publicly traded crypto products.
“In recent months, there have been more and more questions regarding the possibility of a Bitcoin ETF in the US. We would like to take this opportunity to be sure of what such a development would mean. First of all, we would like to clarify: we are 100% committed to converting the GBTC into an ETF” company announcement.
Grayscale notes that for the GBTC to do so is only a natural step as it was the first Bitcoin fund listed on a US stock exchange. Was able to turn the fund into a SEC reporting company.
“These were breakthroughs that brought greater transparency, regulatory clarity and reporting standards to the investment community.”
The company also talked about when it applied for a Bitcoin stock fund in 2016, having multiple talks with the US SEC.
“We eventually retired our app because we felt the regulatory environment for digital assets had not progressed to the point where such a product could be successfully commercialized.”
Grayscale said, recalling the experience, adding:
“Today, we are still committed to transforming the GBTC into an ETF. When the GBTC transforms into an ETF, the shareholders of listed GBTC shares will not have to take any action and the management fee will be lowered accordingly.”
Technical Market Outlook:
The BTC/USD pair has been consolidating under the level of $60,000 for all of the weekend. The local low was made at the level of $56,492 and the local high was made at $59,383. The momentum is still neutral and the market participants await the breakout above one of the levels. The next target for bulls is the ATH located at the level of $61,632. The nearest technical support is seen at the level of $54.765.
Weekly Pivot Points:
WR3 – $65,565
WR2 – $62,712
WR1 – $60,648
Weekly Pivot – $57,470
WS1 – $55,041
WS2 – $52,150
WS3 – $49,837
The bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $70,000. Any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $41,125 is clearly broken on the e daily time frame chart.
The material has been provided by InstaForex Company – www.instaforex.com