Bitcoin to grind higher amid institutional adoption - Mike Novogratz

  • Mike Novogratz expects a stable recovery on the market amid growing interest from institutions.
  • Bitcoin is hovering under $3,600, capped by resistance area.

Bitcoin’s recovery is underway, according to Mike Novogratz, founder, and chief executive officer at Galaxy Digital. If institutional money starts flowing into the industry, Bitcoin and other digital assets will start recovery from the lows touched after an 80% market crash, he explained speaking in the interview with Bloomberg.

He sees the market grinding up higher as opposed to the frenzy of 2017 when the prices moved at a neck-breaking speed. According to Novogratz, the upcoming recovery will see Bitcoin separated from digital assets. He regards this coin as a digital version of gold that should be used for storing value. 

Bitcoin’s technical picture

Bitcoin attempted a leg higher during early Asian hours and touched $3,628 high. However, fresh selling interest located around this area pushed the price of the first digital coin back into the range under $3,600. BTC/USD failed to clear a strong resistance area packed with significant technical levels. However, a sustainable move above $3,630 is regarded as a prerequisite for an extended rally towards the recent high at $3,707.

On the downside, the critical support area is created by a confluence of SMA200 (1-hour), SMA50 and SMA100 (4-hour) at $3.530-$3,500. Once it is cleared, the downside may be extended towards $3,400.
BTC/USD, 1H

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