Bitcoin (BTC) Price Stuck in a Tight Range as Goldman Sachs and Morgan Stanley Diverge

Bitcoin (BTC) was consolidating below $59000, dropping by almost 7% from its highest point last week.

Bitcoin (BTC) price showed little movement on Friday as traders and investors remained on the sidelines, while key filings by American banks revealed diverging strategies towards Bitcoin ETFs.

Bitcoin was consolidating below the $59,000 level, dropping by almost 7% from its highest point last week. Meanwhile, global stocks were on track to have the best week in nine months as recession jitters fell.

Goldman Sachs invests in BTC

One of the key events in the Bitcoin market happened in this week’s filings.

Goldman Sachs, one of the most prestigious names on Wall Street, revealed that it had acquired shares in the ProShares Bitcoin Strategy ETF (BITO) and the VanEck Bitcoin Trust ETF (BTC) worth over $418 million.

Other prominent companies have also invested in these funds, with Millenium Management being one of the largest institutional buyers.

Millenium, which is headed by Israel Englander, is one of the most successful hedge funds in the world, with over $68.2 billion in assets under management (AUM).

Englander is also one of the richest Americans, with a net worth of over $12 billion.

Institutions like Barclays, Nomura, HSBC, Bank of America, Jane Street, and Susquehanna also had large institutional investments in Bitcoin ETFs.

However, other institutions have taken a diverging view on Bitcoin. The most prominent is Vanguard, the asset management company with over $7.1 trillion in assets under management.

Vanguard has notably avoided launching spot Bitcoin ETFs while its rivals like BlackRock, Franklin Templeton, and Invesco have, and has ruled out offering Bitcoin and Ethereum ETFs to its clients.

Meanwhile, there are signs that Goldman Sachs and Morgan Stanley are diverging on Bitcoin ETFs.

While Goldman increased its ProShares holdings during the quarter, Morgan Stanley reduced its holdings.

At the end of March, Morgan Stanley had almost $1.1 billion in ProShares holdings, which dropped to $744.3 million at the end of June.

However, Morgan Stanley still holds Bitcoin ETF shares and has asked its financial advisors to pitch these products to customers.

The decline in holdings during the second quarter is likely due to the retreat in Bitcoin’s price.

Bitcoin price is sending mixed signals

Fundamental and technical analysts have mixed opinions on what to expect in the coming months.

Some, like Wolfe Research, believe that Bitcoin’s path of the least resistance is downwards.

Others, like Cryptonary, believe that Bitcoin has multiple catalysts ahead, including the end of the summer season, the conclusion of the U.S. election, and the start of Federal Reserve interest rate cuts.

Whilst the market is currently consolidating, we expect Q4 and 2025 to be extremely positive for crypto.

These are the major catalysts on the horizon:

– End of summer and holidays – volumes will pick back up, starting in September.

– Interest Rate cuts to come mid-September.

Technically, Bitcoin is in a gray area as it remains below the 200-day Exponential Moving Average. It has even formed a death cross as the simple moving average has made a bearish crossover.

On the positive side, the coin has formed a falling broadening wedge pattern, a popular bullish sign. This pattern will only work out if the coin rises above the year-to-date high of $73,732.

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