Fundamental Development:- United States-based insurers are the most interested in cryptocurrency investment according to a Goldman Sachs global survey of 328 chief financial and chief investment officers regarding their firm’s asset allocations and portfolios. The investment banking giant recently released its annual global insurance investment survey, which included responses regarding cryptocurrencies for the first time, finding that 11% of U.S. insurance firms indicated either an interest in investing or a current investment in crypto. Speaking on the company’s Exchanges at Goldman Sachs podcast on Tuesday, Goldman Sachs global head of insurance asset management Mike Siegel said he was surprised to get any result:“We surveyed for the first time on crypto, which I thought would get no respondents, but I was surprised. A good 6% of the industry respondents indicated that they’re either invested in crypto or considering investing in crypto.”The report found cryptocurrencies were in fifth place for the asset class insurers expect to deliver the highest returns over the next 12 months, with 6% ranking it as their first choice, beating United States and European equities. Around 2% of firms indicated a current crypto investment, and while it’s a small number of firms indicating investment or interest, Goldman Sachs analysts wrote that this level of interest “is still notable.” On the podcast, Siegel discussed a follow-up survey conducted of crypto-interested firms to understand their motivation behind purchasing:
Short Term Technical View: On daily time frame BTC is trading below 200&50 simple moving averages and trading between $30,600-$30,100 ranges.BTC is made low 29,250 and now consolidating within a range. Yesterday it made high near $30,700 and then it continue to climbed up to near 200 simple moving average. Bitcoin is struggling to gain momentum above $30,700.
Alternative Scenario: If Bitcoin fails to clear the $30,700 resistance zone, it could start another decline. An immediate support on the downside is near the $30,000 level.