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The post BlackRock’s Bold Move Awakens Crypto Bulls: Bitcoin Poised To Soar! appeared first on Coinpedia Fintech News
In a notable development, financial heavyweight BlackRock‘s recent investment decisions have rekindled optimism among investors in Bitcoin. The company’s reported intention to file for a U.S. Bitcoin ETF, with support from crypto exchange Coinbase as a custodian, caused a bullish shift in market sentiment this morning.
BlackRock’s Plan Strengthens Bitcoin’s Position
As more details emerge about BlackRock’s plans to establish a spot in Bitcoin ETF through its iShares fund management division, it further solidifies Bitcoin’s standing in the eyes of major financial institutions. BlackRock’s move aims to make Bitcoin an accessible and familiar investment option for the majority of Americans who have yet to venture into the world of cryptocurrencies.
Currently, only an estimated 20% of Americans have invested in Bitcoin at some point, leaving a significant potential market of 80% that the proposed ETF could entice.
Short Positions Suffer As Bitcoin Surges
The surge in positive sentiment surrounding Bitcoin dealt a significant blow to those who had taken short positions, essentially betting against the digital currency. Over the past day, short liquidations for BTC-related futures reached a total exceeding $16 million. Notably, this amount is relatively lower than usual due to Bitcoin’s steep drop in value last week, which prompted some traders to limit their risk exposure.
Stabilization Period and Crucial Levels
Bitcoin’s current value stands at $25,572 and faces a period of stabilization as it grapples with the resistance level at $25,600. Surpassing this level will serve as a critical indicator of ongoing bullish sentiment in the market.
The technical indicators for Bitcoin present a somewhat unclear picture. Although the relative strength index (RSI) remains below the midline of 50, implying a bearish outlook, there has been a recent uptick above the zero line, suggesting a shift into the buying zone.
Likewise, the moving average convergence divergence (MACD) indicates a potential bullish continuation as it has moved above its signal line. If Bitcoin manages to break through the $25,600 mark, the next targets could be resistance levels at $26,000 and $26,250. Conversely, support levels are anticipated around $25,150 and $24,750, which would come into play should Bitcoin’s value falter.
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