The battered and bruised cryptocurrency market does not seem to deter the number of new hedge fund entrants into the market. According to Crypto fund research, 96 new crypto hedge funds have opened in 2018 compared to the 42 we saw in 2016.

BlockTower Capital which was co-founded by former Goldman Sachs investment manager Matthew Goetz has expanded its operation to add a second office despite the collapse we have seen in the crypto market from the start of the year. BlockTower’s operations will be closely watched over the coming months.

Looking at the chart of Bitcoin

As discussed previously we expected that the price action might just have a short-term recovery from the $6120 support level before we see further downside. The $6120 per coin level is being tested once more and if we see a break from this level our next price target will be $5754 per coin.

 Chart Source: MetaTrader 5

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