BlackRock is a global giant across many industries. Recently, it submitted an application for spot bitcoin ETF to the U
BlackRock is a global giant across many industries. Recently, it submitted an application for spot bitcoin ETF to the U.S. Securities and Exchange Commission.
After adjusting back to below $25.000 last week, Bitcoin prices finally broke through the resistance level of $27.000. The largest Cryptocurrency seemed unstoppable on Tuesday as it broke the next resistance level of $28.000.
The price broke through the subsequent $29.000 barrier, but as investors entered the European period, the price fell back to $28.743. Famous analysts like Michael van de Poppe attributed the sudden bullish prospect to BlackRock's intention to debut in the Cryptocurrency industry.
Although the U.S. Securities and Exchange Commission has rejected many similar proposals in the past, optimism around this particular application has been building. The move also proved the Cryptocurrency market to institutional investors, many of whom have expressed interest in the market since their application.
As the EDX market supported by Fidelity begins to operate, the price of Bitcoin approaches $30.000
Interestingly, Fidelity Investments and Citadel Securities have launched a Cryptocurrency exchange called EDXMarkets.
Although the timing of this launch is doubtful, just after the announcement of Blackrock's ETF, it hopes to provide services for brokers and investors to stimulate interest in the Cryptocurrency market, but hopes to stay away from the trouble that led to the closure of FTX in November.
According to a report by the Wall Street Journal, EDXMarkets have been trading in a quite subtle manner in the past few weeks. The project was announced nine months ago and finally confirmed its official launch through a statement released on Tuesday.
This launch shows that some Wall Street institutions still remain interested in Cryptocurrency. Although the U.S. Securities and Exchange Commission has imposed huge regulatory pressure and the Cryptocurrency market has slowed significantly in the past year and a half, this situation still exists.
At the same time, Bitcoin prices have responded positively to the news, confirming the breakthrough discussed in our previous analysis. BTC's long position trigger is slightly higher than the bullish pennant model or the 50 day index moving average (EMA) of about $27000. As the largest Cryptocurrency narrows the gap to $29000, it will make immediate profits.
Is this the beginning of a bull market?
For more than a year and a half, the Cryptocurrency market has been in a downward spiral. Despite many attempts at recovery, such as the significant increase in Bitcoin prices to a high slightly above $31000 in April, the overall market situation remains sluggish.
However, as Bitcoin prices rise to $29.000, they may eventually avoid a downward trend and usher in a bull market era with gains exceeding $30.000. It is worth noting that the Moving Average Convergence Divergence (MACD) indicator verifies the buying signal on the same daily chart.
At present, the cautious approach is to wait for Bitcoin prices to confirm support levels of $28000 or break above $29.000 before triggering new long positions. This will help avoid sudden pullbacks that may lead to losses.
If the support of $28.000 is lost, investors may begin to adapt to a significant decline to the next support of $27.000. However, considering the emergence of institutional investors such as BlackRock, Fidelity Investments and Citadel Securities, it is not advisable to strongly short Bitcoin.
(Personal thoughts, not as investment advice)
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