Bitcoin Clings to $63,000 Amidst Market Optimism and BlackRock’s Renewed Support
As the financial markets opened on Wall Street this July 15, Bitcoin Hits $63,000, a level that has both traders and analysts keenly watching for signs of sustained upward momentum.
Market Sentiment Bolstered by Weekend Gains
According to data from Cointelegraph Markets Pro and TradingView, Bitcoin has managed to uphold a 3.5% increase over the day, cumulatively rising by 10% since the weekend began. This recent surge has reignited hopes for a robust return of the bull market, following a period of lateral movement that saw several downward liquidation events.
Notable market commentator Peter Brandt, via his X (formerly known as Twitter) account, shared insights suggesting a potential bullish pattern for Bitcoin. “Bitcoin $BTC could be unfolding its often-repeated Hump…Slump…Bump…Dump…Pump chart construction,” Brandt noted, highlighting the July 5 attempt at a double top as a bear trap, solidified by the July 13 close. He added, “Most likely scenario now is that bears are trapped. Close below $56k negates this interpretation.”
Analysts Declare End to Downtrend
Further reinforcing the positive market sentiment, prominent trader and analyst Rekt Capital declared, “The Bitcoin Downtrend is over,” in a message to his followers on X. This statement was accompanied by charts suggesting that historical patterns post-Bitcoin’s block subsidy halving in April are repeating themselves, hinting at the onset of the final phase of a BlowOffTop.
Adding to the technical analysis, economist Henrik Zeberg of Swissblock provided a daily BTC/USD chart showing a bullish divergence in the Relative Strength Index (RSI) values, which he shared on X, signaling potential continued upward movement.
BlackRock’s CEO Reaffirms Bitcoin’s Legitimacy
BlackRock currently manages the world’s largest spot Bitcoin exchange-traded fund (ETF) by assets under management, further cementing its position in the cryptocurrency space. Bloomberg ETF analyst Eric Balchunas commented on the significance of Fink’s statements, noting, “It is hard to overstate how big a deal it is for Larry Fink, who runs $10.6T, to keep giving these full-throated endorsements of bitcoin as a legit asset class for everyday portfolios.”
Balchunas added, “Buy-in from BlackRock – as well as other legacy firms like Fidelity – gives boomer advisors comfort and cover to make the allocation. That’s why betting against, or minimizing the clear-to-anyone-with-eyes-and-a-brain early success of, these ETFs has been and will be dumb IMO.”
As the cryptocurrency landscape continues to evolve, both new entrants and seasoned investors are closely monitoring these developments. With influential figures and institutions throwing their weight behind Bitcoin, the path ahead looks promising, albeit peppered with the usual risks associated with volatile digital assets.
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Note: This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
