Group Bank of Brazil, one of the oldest banks in Brazil, bought a Bitcoin ETF.
ETFs without volume!
Bitcoin, which has a strong positive correlation with gold, may be changing with the approval of ETFs. The proliferation of credit-funded positions could strengthen the correlation with US markets.
Rate cut may be further away than expected
We see that institutional investors are buying the $64,500 and $62,000 areas. This is a sign that they expect the direction to be up in the medium term.
From an annual perspective, we see that price declines are followed by Bitcoin outflows from exchanges. There is no change in the current trend.
Although there has been a significant decline in funding costs, the long rate in the market is still high.
Liquidation zones
In the coming period, important levels will be the $ 50,000 and $ 72,000 regions. The sign of a technically weak stance in Bitcoin may indicate that the decline may deepen as the post-Halving news is sold.
