Tanya Abrosimova
Independent Analyst
- BTC/USD is close to important support levels.
- Hedge fund of former Goldman's investment manager opens new offices.
BTC/USD is changing hands at $6,260, down 3% on a daily basis but mostly unchanged since the beginning of Tuesday. The cryptocurrency market collapsed on Monday, as the lack of recovery momentum caused the reversal on approach to important technical levels. Considering that the slump was engineered by edgy market sentiments and technical factors, one might expect that the critical support levels will be strong enough to stop the bearish assault.
Thus, Bitcoin is likely to stay above $6,000, which means that we are in for some range-bound trading at least until the SEC announces its decision on new crypto ETF application at the end of September. On the upside, BTC/USD recovery is capped by $6,660, created by DMA50, followed by DMA100 at $6,700. Once this area is cleared, $7,000 will come into focus with last resistance at $7,500. This is where the downside trendline meets DMA200.
Hedge funds don't give up.
Cryptocurrency bears grabbed the control over the market once again, but crypto hedge funds are unabashed and continue to expand their business globally. Thus, Bloomberg reports that BlockTower Capital opened a second office. This fund was co-founded a year ago by former Goldman Sachs investment manager Matthew Goetz.
Since the beginning of the year, crypto hedge funds have lost 52% of their value as compared to Bitcoins 54% loss, but the damage seems to not great enough to discourage the investment managers.
BTC/USD, the daily chart
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