Institutional Interest in Crypto Doesn’t Fade — Analysis, 29 Mar

This past week the crypto market remained quite volatile and struggled to find direction. As Federal Reserve Chairman Jerome Powell highlighted on March 22nd, crypto assets are still highly volatile and speculative. However, he also underlined that Bitcoin is essentially a potential substitute for gold rather than the dollar.Interestingly, no matter what central bankers say about cryptocurrency, institutional interest in crypto doesn’t fade; it even intensifies. According to Bloqport, at least six well-known US asset managers are applying for Bitcoin ETFs at the moment:Source: TwitterIn an interview on Bloomberg, Soros Fund Management CIO Dawn Fitzpatrick highlighted the firm had also started investing in cryptocurrency infrastructure because it believes ‘Bitcoin is at an inflection point’ as fiat money debasement rises.It seems that the famous saying in the crypto world — ‘Holding crypto is risky but not holding crypto is even risker’, has become a reality as more big players are joining the crypto sector because of fiat money devaluation fears.After a volatile week, the Monday market starts with a slight correction. At the time of writing, according to Coin360.com, one Bitcoin costs €46,813.84 (-1.85%), one Ethereum — €1,435.96 (-1.63%), and one LINK — €22.73 (-2.13%):Source: Coin360.com (Daily crypto market performance)Now, let us analyze the price charts of the leading cryptocurrencies against the euro in the most important time frames.BTC/EURIn the daily chart (1D), at the end of last week, BTC/EUR dropped to the lower line of the Ascending channel (uptrend):The price received support at the lower line of the channel (trend line), the 30-day Moving Average (MA 30), and bounced off. There is a good chance that BTC/EUR will resume the uptrend within the channel.In the 4-hour chart, BTC/EUR has formed a Bullish Flag (typical trend continuation pattern):If there is a breakout and the price chart exits the flag upwards, traders…