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.

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Harold

Coincu News