- Morgan Stanley has filed prospectus to add BTC exposure in two of their funds.
- Kraken CEO Dave Ripley said the market is a bit ahead of schedule after $73,777 ATH pre-halving.
- On the one-minute time frame, $66,500 and $66,754 are crucial buyer and seller congestion levels, respectively, on volume profile metrics.
Bitcoin (BTC) price remains range-bound, holding above the $63,000 level, while its upside is capped below $68,000, going against or delaying the assumption that the fourth halving would be a ‘sell-the-news’ outcome. While Kraken leaves a lot to ponder about following the halving, reports show that Morgan Stanley wants to add exposure for BTC exchange-traded funds (ETFs) in two of its funds.
Also Read: Bitcoin price rises past $66K as markets record falling BTC transaction fees
Daily digest market movers: Morgan Stanley could have up to 14 funds with Bitcoin ETF exposure
American multinational investment bank Morgan Stanley filed a prospectus to add BTC exposure in two of their funds, the Discovery and Growth Portfolios. It comes after the financial services company filed for Bitcoin ETF exposure in twelve other funds earlier in the month.
LATEST: Morgan Stanley filed a prospectus to add #Bitcoin exposure in 2 of their funds.
– Morgan Stanley is seeking Bitcoin ETF exposure for twelve of its funds.
– With a massive $1.5 trillion in management, their move makes waves and will spark more and more interest.
– Their…— Kyle Chassé (@kyle_chasse) April 23, 2024
As part of the commitment to driving more exposure, the bank, boasting up to $1.5 trillion in assets under management (AUM), had sent compliance and education materials out to all advisors three weeks ago. This was in readiness for the anticipated approval of Bitcoin ETFs for its network of advisors to sell to clients.
Morgan Stanley prospectus excerpt
It is likely that other asset managers will follow Morgan Stanley’s lead and look to add Bitcoin exposure to their funds. This could start slowly then intensify as happened in the case for ETFs. Citing Brian Kelly on CNBC:
You have a lot of pent-up demand with Morgan Stanley and UBS yet to come online with a supply that’s been cut – that’s the bullish case for Bitcoin.
Kelly’s remarks came as he discussed the effect of the halving in conjunction with the ETFs.
Elsewhere, Kraken CEO Dave Ripley says the market is a bit ahead of schedule after Bitcoin price recorded a new all-time high of $73,777 ATH before the halving. In his words, “This is the first time we’ve actually seen an all-time high before the halving… we’re a little bit ahead of schedule.”
Technical analysis: Bitcoin price shows strength as bulls defend $66,500
Based on the one-minute time frame for the BTC/USDT trading pair, the volume profile indicator shows that many bulls are defending the $66,500 level, marked by large yellow volume spikes to show where the buyers find congestion. The bears on the other hand are heavily positioned around $66,754, marked by the grey volume spikes in the chart.
Should Bitcoin price pull back, the buyer congestion level around $66,500 would counter the selling pressure. If bullish momentum overpowers selling pressure from the bears, Bitcoin price could shatter the resistance at $66,754.
A candlestick close above this level on the one-minute time frame would confirm the continuation of the uptrend. This could see Bitcoin price reclaim the $73,777 peak before recording a new ATH.
BTC/USDT 1-min chart
If the bears have their way, however, Bitcoin price could slip below $66,500, with a break and close below $66,400 opening the drains for further downside to $60,000.
On the daily time frame, there is an overall higher high on the Relative Strength Index (RSI), which is still bullish as it remains well above the 50 mean level. The 21, 50, and 200-day Smooth Moving Averages (SMMA) indicators are also in an overall uptrend, showing this is the overall trend direction. Key levels to watch in this directional bias are $70,000 and $73,777, beyond which markets would see a new ATH.
BTC/USDT 1-week chart
A weekly candlestick close below $60,000 would produce a lower low, invalidating the bullish thesis.
