The Bitcoin price once again sets its sights on $60k as Goldman Sachs announces they have entered the crypto derivatives market.
The Bitcoin price has reclaimed the $58,000 level overnight, gaining $2,300 or 4% on renewed optimism.
The news that Goldman Sachs has executed their first Bitcoin derivatives trade could see a host of Investment banks finally make their long-anticipated move into digital assets.
The Investment banking giant will offer its clients exposure to the Bitcoin p[rice via non-deliverable forwards. The bank will hedge its exposure using CME Bitcoin futures which it will execute with Cumberland DRW via Block trades.
In further encouraging developments for the Bitcoin price, Citigroup has announced it is to start offering digital asset exposure to its customer base amid growing investor interest.
It was always just a matter of time before wall streets biggest banks started trading Bitcoin, and it seems the floodgates may have finally opened.
The 2021 rally in the Bitcoin price had stalled of late. After reaching a high of $64,900 high a month ago, the price has experienced a bout of volatility. An aggressive sell-off in late April pushed the Bitcoin price back below $50k for the first time since early March.
A broader crypto market recovery has been staged over the last 2 weeks. However, rivals such as Ethereum and Dogecoin have recently grabbed the headlines and vastly outperformed the Bitcoin price. The news that the pace of Institutional adoption is increasing could see the Bitcoin price stage another run at the all-time highs and grabbing some headlines of its own
BTCUSD Technical Outlook
Looking at the daily chart, we can see resistance at $58,500. The Bitcoin price has struggled to close above this level since breaking below it on the 18th of April.
A close above the $58,500 resistance is likely to trigger follow-through buying, targeting the 14th of April ATH.
Below the market, support is seen at the 4th and 5th of April lows of $53,000. The 100-Day Moving average lends additional support at $52,670. A close below this level would negate the bullish outlook.
Bitcoin Price Daily Chart
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