Bitcoin is preparing for a new assault on the key USD 69,000 zone
It looks like the sideways zone is over, considering that Bitcoin is preparing for a new assault on the key USD 69,000 zone, and this would put the price back near its current all-time high just 10 days after the Bitcoin Halving.
According to William Suberg, "Currently hovering around USD 68,000, Bitcoin seemed to gain in tandem with the news that the world's largest asset manager, BlackRock, had added major US banks as participants in its Bitcoin spot exchange-traded fund (ETF)."
In this regard and according to Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, "The names listed in a presentation shared online included Goldman Sachs, Citadel, UBS and Citigroup, large firms now want a piece of the pie and/or have agreed to be publicly associated with this"
As reported by Cointelegraph, the nine newcomer products had more than 500,000 BTC between them as of April 4, not including assets in the newly converted ETF; Grayscale Bitcoin Trust (GBTC). BlackRock's narrative served to shield BTC price action from the latest signs of inflation in the US.
"It's all up in the air" if the BTC price breaks above USD 69,000. Analyzing the market setup, popular trader, Daan Crypto Trades, noted that sell-side liquidity was being absorbed around the open.
SOURCES CONSULTED
Cointelegraph. BTC price bounces at $66K as BlackRock adds US banks to Bitcoin ETF. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
Exciting developments in the Bitcoin sphere, highlighting the increasing mainstream financial interest in cryptocurrencies. Great analysis, @lupafilotaxia