Bitcoin Is Exciting With New Blackrock ETF, $26,000 Will Be Important Price
Key Points:
- The new filing by BlackRock for a spot Bitcoin trust will boost investor confidence in BTC.
- Currently, the price zone investors need to watch to make a buying decision is $26,000.
After a difficult couple of weeks, the cryptocurrency market has resumed its positive trend. Bitcoin is returning to its euphoria as a major news release comes from BlackRock, the world’s biggest asset manager.
After the Federal Reserve’s interest rate decision in the United States, the price of Bitcoin fell below $25,000. Although a delay in interest rate rises was a favorable indication for risk assets such as Bitcoin, statements by the bank’s Chief, Jerome Powell, spurred the sell-off.
Bitcoin’s price has risen from support around $24,700 to $25,500 on Friday. Coincu’s live price data reveals a 2% bullish pump in the previous 24 hours.
Investors could anticipate further interest rate rises based on Powell’s hawkish comments, making this a temporary injunction. Investors, on the other hand, thought that the period of rise was finally coming to an end. Yet, the Fed remains committed to lowering inflation to 2%.
BlackRock filed for a Bitcoin exchange-traded fund (ETF) on Thursday, allowing investors to get exposure to the cryptocurrency as the asset class faces more regulatory scrutiny. The move comes at a time when the global cryptocurrency sector is under investigation by the US Securities and Exchange Commission for suspected securities law breaches.
If approved, the ETF would provide as a channel for investors to obtain crypto exposure via a product from one of Wall Street’s heavyweight businesses. As a result of this optimism, the biggest cryptocurrency is trading just over $25,500 after Thursday’s knee-jerk response to Blackrock’s spot BTC ETF registration.
Looking at BTC’s H4 frame, we see the nearest support at $24,750. Currently, BTC is trading at $25,520, the “virtual resistance” level it broke through earlier. If this price zone consolidates, the potential for intraday trading is $26,000, as this key area is the confluence of the 38.2 Fib level as well as the recently formed bearish trend line.
On the positive side at the moment, if the $26,000 price zone is broken and rallies to $26,400 and beyond to $27,300, a new bullish wave will be formed. If determining a trade, investors should consider the allocation volume at the moment or wait for more certainty.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
Author
Key Points:
- The new filing by BlackRock for a spot Bitcoin trust will boost investor confidence in BTC.
- Currently, the price zone investors need to watch to make a buying decision is $26,000.
After a difficult couple of weeks, the cryptocurrency market has resumed its positive trend. Bitcoin is returning to its euphoria as a major news release comes from BlackRock, the world’s biggest asset manager.
After the Federal Reserve’s interest rate decision in the United States, the price of Bitcoin fell below $25,000. Although a delay in interest rate rises was a favorable indication for risk assets such as Bitcoin, statements by the bank’s Chief, Jerome Powell, spurred the sell-off.
Bitcoin’s price has risen from support around $24,700 to $25,500 on Friday. Coincu’s live price data reveals a 2% bullish pump in the previous 24 hours.
Investors could anticipate further interest rate rises based on Powell’s hawkish comments, making this a temporary injunction. Investors, on the other hand, thought that the period of rise was finally coming to an end. Yet, the Fed remains committed to lowering inflation to 2%.
BlackRock filed for a Bitcoin exchange-traded fund (ETF) on Thursday, allowing investors to get exposure to the cryptocurrency as the asset class faces more regulatory scrutiny. The move comes at a time when the global cryptocurrency sector is under investigation by the US Securities and Exchange Commission for suspected securities law breaches.
If approved, the ETF would provide as a channel for investors to obtain crypto exposure via a product from one of Wall Street’s heavyweight businesses. As a result of this optimism, the biggest cryptocurrency is trading just over $25,500 after Thursday’s knee-jerk response to Blackrock’s spot BTC ETF registration.
Looking at BTC’s H4 frame, we see the nearest support at $24,750. Currently, BTC is trading at $25,520, the “virtual resistance” level it broke through earlier. If this price zone consolidates, the potential for intraday trading is $26,000, as this key area is the confluence of the 38.2 Fib level as well as the recently formed bearish trend line.
On the positive side at the moment, if the $26,000 price zone is broken and rallies to $26,400 and beyond to $27,300, a new bullish wave will be formed. If determining a trade, investors should consider the allocation volume at the moment or wait for more certainty.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
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