Image Source: Pixabay
Bitcoin (BTC) crossed the $63,000 mark following the Federal Reserve (Fed} decision to slash rates by 50bps.The dot plan indicated that the central bank is ready to cut the interest rate again in 2024, at least twice. The news sent US stocks and the top cryptocurrencies higher.Bitcoin enjoyed a moderate recovery after suffering from the German State of Saxony BTC selling. The state seized around 50,000 BTC and liquidated their holdings via Coinbase and Kraken cryptocurrency exchanges.Crypto investors and traders may wonder whether the current rally is sustainable. While retail investors are still relevant, institutional interest in crypto may play a vital role in the future.
Institutional interest in Bitcoin
Traditional financial institutions’ interest in Bitcoin and digital assets may drive any future bullish momentum.The 13F filings submitted earlier this week revealed large institutions’ stakes in spot Bitcoin ETFs. Goldman Sachs purchased $418M (the sum is higher due to today’s rally) of spot BTC ETFs. At the end of Q2, approximately 7M shares were acquired in the iShares Bitcoin Trust (IBIT).Morgan Stanley also preferred BlackRock’s spot Bitcoin ETF, holding around 5.5M shares in IBIT.Institutional interest in crypto and a higher adoption rate may be the cornerstone of a sustainable rally in Bitcoin.
Commerzbank to offer Bitcoin and Ether
Commerzbank, one of the leading German banks and ranks in the top 50 institutions in the Fortune Global 500, announced it has begun offering Bitcoin and Ethereum trading services to corporate clients in Germany.The crypto services will be offered via its subsidiary, Crypto Finance.The Bitcoin offering by a large bank is good news for the crypto community. Commerzbank hinted it will start with Bitcoin and Ethereum, leaving the door open for adding more cryptocurrencies.‘Commerzbank and Crypto Finance, a subsidiary of Deutsche Börse, are now offering Commerzbank’s corporate clients in Germany secure and easy access to crypto assets.
‘The joint service will initially focus on bitcoin and ether, targeting selected existing Commerzbank corporate clients in Germany. Under this strategic partnership, Commerzbank will manage the custody of digital assets, while Crypto Finance will ensure their secure trading.
‘This collaboration provides Commerzbank’s corporate clients with seamless and secure and access to crypto assets, without the need to forgo established and regulated structures and partners.’
– Commerzbank press release | source
Bitcoin technical outlook: Will the rally last?
To assess whether BTCUSD has the potential to extend its gains, the weekly chart is used for the technical analysis. 
Bitcoin weekly chart 09/19/24 (55MA, in purple)Bitcoin may be forming a bullish flag on the weekly chart. Unlike reversal patterns, a bullish flag signals the resumption of the uptrend.The flag may kick into play when the price trades above the upper orange line. A breakout may pave the way for a stronger rally, initially targeting $94,000. As we still have distance from the upper orange line, the resistance at $61,900 may be used.A weekly close above $61,900 may send BTCUSD higher, targeting $66,000. When a resistance is breached, it turns into immediate support. Bitcoin price may re-test $61,900, which, if held, may pave the way for a stronger recovery.More By This Author:Want Boring? Consider The Most Consistent Stock On The Market Microsoft Boosts Dividends And Launches A New Buyback Program The 3 Best iShares ETFs To Buy Ahead Of Fed Interest Rate Cuts
