Grayscale buys more than 8,000 Bitcoin after the price dropped from $38,000 to $33,400. BlackRock prepares to allow clients to buy cash-settled Bitcoin futures. BTC/USD consolidates within a symmetrical triangle ahead of a breakout to $46,000 or a breakdown to $25,000. Bitcoin saw another unexpected dip after a failed attempt to overcome the resistance at $38,000. As the largest cryptocurrency by market capitalization explored the levels downstream to $33,400 (on Coinbase), Grayscale Investments was keen to buy into another dip. Simultaneously, BlackRock Inc. is preparing to invest in Bitcoin futures, taking the form of an eligible investment to two funds. Bitcoin consolidates amid attention from the world’s largest money managers Grayscale is said to be singlehandedly pumping Bitcoin following its buying spree. The largest digital asset management firm has become Bitcoin’s largest investor amid the rally from October 2020. In the past 24 hours, Grayscale sunk another $307 million behind the flagship cryptocurrency. The investment saw the asset manager take advantage of the dip to add to its coffers over 8,000 BTC. The number of coins bought by Grayscale is 12 times the daily supply (mined) of Bitcoin, suggesting that eventually, the tailwind will surge enough to catapult BTC out the consolidation. While Grayscale dives headfast into Bitcoin, BlackRock, the biggest money manager, is ready to add Bitcoin futures. Its updated prospectuses highlighted a pair of funds with cash-settled Bitcoin futures as one of the assets clients were allowed to purchase. According to Bloomberg, “the filings for BlackRock Strategic Income Opportunities and BlackRock Global Allocation Fund Inc. appeared on the U.S. Securities and Exchange Commission website Wednesday.” It is worth mentioning that cash-settled futures are paid in cash and not the underlying asset. The largest money manager handles over $8.7 trillion. Its gesture toward Bitcoin is very positive because it paves the way for other institutions to consider BTC as part of their portfolio. Moreover, it is a remarkable milestone for BlackRock because it has said its clients weren’t interested in owning crypto for a long time. The General Partner at Castle Island Ventures, Nic Carter, believes Bitcoin is ready for the institutions’ attention: It’s certainly more evidence for the institutionalization thesis that’s really been the theme of this bull market. At the time of writing, Bitcoin is exchanging hands at $34,500 following the dip from $38,000. The 4-hour chart shows that the overhead pressure above Bitcoin surged after the price hit levels under the 50 Simple Moving Average and the 100 SMA. For now, Bitcoin is in consolidation ahead of breakout levels slightly above $46,000 or a breakdown, retesting support around $25,000 based on the formation of a symmetrical triangle. The chart pattern is created by converging two trendlines, linking a series of sequential peaks and troughs. The trendlines are usually expected to cross at an approximately equal slope. The formation highlights a period of consolidation ahead of either a breakout or a breakdown. Note that a breakdown occurs from the ascending trendline and signifies the beginning of a downtrend. Consequently, a breakout materializes at the descending trendline and signifies the start of an uptrend. Symmetrical patterns tend to have clear-cut price targets for the breakout or breakdown, mainly measured from the highest point to the pattern’s lowest point, as observed on the chart. BTC/USD 4-hour chart In light of the consolidation, Bitcoin is most likely to drop further in search of a formidable support area before a reversal to levels above $40,000 comes into the picture. However, investors should be aware that dips are common occurrences in bull markets and offer opportunities to increase positions or enter the market in the event one missed the rally. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next AUD/USD Price Analysis: Stretches Aussie Unemployment-led gains towards 0.7800 FX Street 2 years Grayscale buys more than 8,000 Bitcoin after the price dropped from $38,000 to $33,400. BlackRock prepares to allow clients to buy cash-settled Bitcoin futures. BTC/USD consolidates within a symmetrical triangle ahead of a breakout to $46,000 or a breakdown to $25,000. Bitcoin saw another unexpected dip after a failed attempt to overcome the resistance at $38,000. As the largest cryptocurrency by market capitalization explored the levels downstream to $33,400 (on Coinbase), Grayscale Investments was keen to buy into another dip. 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