Bitcoin adds to gains as COFTC shows high institutional interest
According to Cointelegraph “Despite the growing Bitcoin short positions from hedge funds, institutional investors are continuing to accumulate BTC. On Oct. 17, Barry Silbert, the CEO of Grayscale, said the firm reached all-time high assets under management (AUM) at $6.4 billion. The figure from Grayscale is critical to measure institutional activity because their products mainly tailors institutional investors.”
This helped fuel gains this weekend as Bitcoin returned to pricing not seen since September 1st. Currently as of 5 PM Est Bitcoin via CME October futures is trading at $11,790 up by $430 or 3.79% from the close on Friday. Last week’s congestion could now point to support above BTC’s 50-day moving average. While at the same time today’s close showed real resistance still at the same point as last week at around $11,800 and Bitcoin futures must overcome this to remain bullish as upwards momentum remains intact but seems to have dwindled.
This could change come the November elections in the U.S. where it is predicted that Biden could win the presidency and Democrats could take over the Senate as well. This could prove to be bullish for Bitcoin and bearish for the U.S. dollar. I believe this may be largely what is propping up Bitcoin at the moment and will have more of an influential effect as November 3rd approaches.
Currently, BTC is once again trading over its all-time 50% retracement since futures inception.