Bitcoin Bounces Back After BlackRock Boost: Key Levels You Need to Watch

The post Bitcoin Bounces Back After BlackRock Boost: Key Levels You Need to Watch appeared first on Coinpedia Fintech News

Recently Analyst Jacob decided to open up about Bitcoin and Ethereum and their price trajectories. We’ll walk through the market intricacies as we explore BlackRock’s recent buy of 2600 Bitcoin, worth over $120 million. Despite this big institutional move, Bitcoin is taking a small dip, making people wonder if it’s a quick stumble or the start of a bigger correction.

Smart Moves by BlackRock

In the cryptocurrency buzz, BlackRock’s purchase of 2600 Bitcoin is making waves. This huge investment, over $120 million, shows more big players getting into crypto. But while this happens, Bitcoin is having a bit of a slowdown. The big question – is this a short hiccup or the beginning of a more extended adjustment?

Looking at the weekly chart, our crypto guide Jacob breaks down Bitcoin’s recent price moves. A significant resistance at $50,000 is holding strong, influenced by recent Bitcoin ETF news. Jacob points out the $47,000 mark, suggesting a temporary dip that could see Bitcoin drop to around $44,000. Are we seeing the start of a new market story?

Hourly Check

Switching to the hourly chart, Jacob notes a potential pullback, adding another layer to the crypto story. Meanwhile, Ethereum is doing its own thing, hitting $2700 and eyeing the $3000 mark. Can Ethereum keep going independently, not swayed by Bitcoin’s ups and downs?

Bitcoin’s Bounce Back

On January 15th, Bitcoin is making a recovery, passing $43,000 after a drop linked to the January 10th Bitcoin ETF news. Last week, trying to go over $50,000 faced resistance at $49,000, showing a careful market. Bitcoin is steady at around $41,500, now in a consolidation phase. A small recovery sees it go above $42,000 and $42,200, but breaking the $44,000 level is key. Keep an eye on $42,800 or the 100-hourly Simple Moving Average – the battleground for Bitcoin’s next move.