Bitcoin Price Surges 11.14% as Institutions Remain Cautious

Michael Saylor, the Executive Chairman of MicroStrategy, has expressed his belief that the price of Bitcoin could reach $10 million before financial advisers fully embrace it. Saylor's comments highlight the ongoing resistance from financial institutions to accept Bitcoin, which he believes is delaying its widespread adoption and driving up its price.

Leading wealth management platforms in the United States, such as Charles Schwab, Morgan Stanley, and Fidelity, have shown little interest in offering their clients exposure to Bitcoin ETFs. These financial firms, which manage trillion-dollar funds, have maintained barriers that block Bitcoin access for their clients. The main reasons behind these institutions' reluctance to support Bitcoin exposure are its unpredictable price movements and uncertain regulations. Despite Saylor's $1 billion Bitcoin investment through MicroStrategy, top financial institutions like J.P. Morgan and Vanguard have refrained from entering the Bitcoin market due to safety concerns about its volatility. As a result, retail investors and smaller investors remain isolated from the opportunities presented by Bitcoin.

Fidelity and Morgan Stanley have started to provide restricted Bitcoin access but maintain severe usage restrictions. These financial institutions hold back from complete access to Bitcoin because they remain uncertain about the digital currency, even when managing substantial assets. According to Saylor, any delayed move by these platforms to provide unrestricted access to Bitcoin will result in a significant upward swing of its price, reaching unreachable price points. He stated, ‘’By the time your financial adviser says it’s OK to buy Bitcoin, it’ll cost $1 million. When they say it’s a good idea, it’ll be $10 million.’’

Saylor leads MicroStrategy to keep purchasing Bitcoin for its balance sheet because he understands Bitcoin’s role as a long-term value reserve. Analysts expect MicroStrategy to reveal positive financial outcomes during its Q1 earnings conference since it utilized nearly all resources from its $21 billion at-the-market (ATM) shelf offering. The analyst notes that Saylor “maintains strong dedication to expanding his company’s BTC treasury using considerable funds rapidly.”

The Bitcoin price exceeded its 200-day Exponential Moving Average at $85,000 during the first part of last week and then rose by 11.14% until Friday. The cryptocurrency price attempted to surpass its March peak of $95,000 but has remained near this height in the preceding four trading sessions. If the price of BTC surpasses $95,000 and sustains this price level during daily market sessions, it will expand its upward movement and test the daily resistance at $97,000. A price close above this level creates conditions for additional gains that could lead to testing psychological resistance at $100,000.

The daily RSI indicator maintains its value around 66, confirming upward market momentum with space remaining until it reaches overbought levels. Conversely, BTC may experience an extended price decline if it remains below the $95,000 resistance level while it faces downward pressure and settles near the $90,000 psychological support point.