Crypto Industry News:
Institutional interest in the digital asset sector remains high. Most asset managers indicate they are "extremely interested" in Exchange Traded Funds (ETFs), which offer exposure to cryptocurrencies.
On Monday, financial firm Brown Brothers Harriman (BBH) released the results of the "Global ETF Investor Survey 2023". According to it, 74% of surveyed institutional investors said they were "very" or "very" interested in allocating a larger part of their portfolios to cryptocurrencies. A quarter of respondents indicated that they intend to increase their share of digital currencies in 2023, a slight decrease from 33% in 2022.
The survey included responses from 325 institutional ETF investors, financial advisors and fund managers from the US, Europe, UK and China. The research was aimed at identifying key trends and areas of innovation on the ETF market.
While interest remains high, it is clear that the events of 2022 have affected demand. While 74% of those surveyed remain interested, only 25% have clear intentions to buy crypto within the next 12 months. This represents a decrease of 8% compared to the previous year.
Technical Market Outlook:
The BTC/USD pair has been seen consolidating inside a narrow zone located between the levels of $28,878 - $29,184 (swing high) for the last 12 days and the bulls still do not heave enough momentum to test the psychological level of $30,000. The 50 and 100 moving averages are now in line on the very same level, so the bears took the opportunity and broke below them. The next target for bears is seen at the level of $27,533 ( 31st March low) and then at $26,620 (28th March low). The weak and negative momentum on the H4 time frame chart support the short-term bearish outlook for Bitcoin.
Weekly Pivot Points:
WR3 - $29,056
WR2 - $28,427
WR1 - $28,051
Weekly Pivot - $27,798
WS1 - $27,422
WS2 - $27,169
WS3 - $26,540
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.