SWISS-BASED BANK IS LAUNCHING A CRYPTO FUND

As of the time of writing, Bitcoin had come down to tap the key daily support zone of around $27,000, which is the area of interest that comes in from our previous range lows last month. Ideally, we want to see daily closes keeping above the bottom of this red box. If this is a new bull market starting as so many indicators are saying it might be and not that one final hurray before the dark time that the new great depression keep in. It is worth noting that a pullback of 15% to 30% is totally normal. 2019 for example, is a year that carries many similarities to our current price year for Bitcoin because there were multi pull very large corrections.

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I don't see our currency trend being as strong as in 2020 and early 2021 and as we know that crypto is very volatile. The RSI on the hour charts is very interesting, the RSI reached the sort of levels that FTX collapsed during the big sell-off that came back in early March. After such strong RSI oversold readings, Bitcoin tends to have a bit of a bounce. It is definitely something worth noting and paying attention to that oversold reading tends to mark sentiment bottom. I feel like 30k though is the line to beat for Bitcoin, under that we are just ranging, and we get bored. Maybe the occasional moment of terror and panic but above 30k is what I am hoping for at the moment.

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Institutional adoption for Bitcoin is continuing to moment up very nicely. SYZ a Swiss-based bank is launching a crypto fund Bitcoin, Ethereum, Matic, and Link. The fund is initially putting in just 50 million dollars, they have got another 300 million expected. Of course, this number will not move Bitcoin to a new all-time high. Keep in mind that we get this kind of announcement every few days. There are a whole lot of people competing for a piece of the Bitcoin pie. The supply and exchange just keep going down, it is already largely impossible for the average investor to buy one whole coin but very soon, even being able to own 0.1 Bitcoin is going to seem out of reach for most investors.

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