URGENT: BLACKROCK IS BUYING BITCOIN!! The bull market is BACK!
Bitcoin Breaks Above Key Resistance as BlackRock Announces Bitcoin Purchase
Bitcoin has recently broken above a crucial resistance level, signaling a potential bullish trend. In addition, BlackRock, one of the world’s largest asset management firms, has announced its intention to start buying Bitcoin. This article will delve into the significance of these developments and analyze the charts to provide a comprehensive understanding of the current state of the market.
Bitcoin’s Momentum and the Role of BlackRock
Bitcoin’s recent rally can be attributed to multiple factors. Firstly, there is anticipation surrounding the approval of a Bitcoin spot ETF. Moreover, BlackRock’s announcement of its Bitcoin purchase has further fueled the market’s bullish sentiment. The firm plans to seed its Bitcoin spot ETF in October, which involves buying Bitcoin to provide liquidity for the ETF’s launch. The capital acquired during this process will be available for open market trade on the first day of the ETF’s launch. This news has likely contributed to the current upward movement of Bitcoin.
Listing of iShares Bitcoin Trust on DTCC
Another significant development is the listing of the iShares Bitcoin Trust on the Depository Trust & Clearing Corporation (DTCC). The ticker symbol for BlackRock’s Bitcoin spot ETF will be “ibtc.” While nothing is confirmed yet, this listing indicates that progress is being made towards the launch of the ETF. BlackRock is working closely with the Securities and Exchange Commission (SEC) to complete the filing, suggesting that the approval may not be far off.
Bitcoin’s Resistance Levels and Price Analysis
In terms of resistance levels, Bitcoin has already broken above the previous high with ease. The next important levels to watch are the lows and highs in the $33.7k, $35.4k, and $37.7k regions. Bitcoin has already surpassed the $33.7k level and is heading towards the $35.4k resistance. If it continues to climb, the $37.7k level will provide significant resistance. However, it is crucial to zoom out and analyze the bigger picture.
On the weekly chart, the key level to break is around $36.7k, as it acted as a support during previous weeks. If Bitcoin surpasses this level, it could indicate a strong upward trend. Additionally, Bitcoin’s breakout from a long consolidation phase suggests a new price horizon. Confirmation of this breakout will come with the close of the 3-day candle. If there is a retracement to the previous high, it could present excellent trading opportunities.
Bitcoin’s Bull Market Signal and Price Targets
Bitcoin’s recent price action has triggered a bull market signal. The previous resistance levels have now flipped into support, indicating a shift in market sentiment. This breakout marks the end of a 532-day downtrend, and Bitcoin is reentering the bull market region. While the breakout is yet to be confirmed, the weekly candle close will provide further clarity.
Bitcoin’s chart patterns also suggest potential price targets. The W pattern has a price target of around $37,000, while the inverse head and shoulders pattern on the 2-day timeframe indicates a target range of $74,000. These patterns, combined with the bullish market signal, indicate the potential for significant price increases in the near future.
Frequently Asked Questions
Q: What is the significance of Bitcoin breaking above key resistance?
A: Breaking above key resistance levels is a positive sign for Bitcoin as it indicates a potential bullish trend. It suggests that buyers are gaining control and that the price may continue to rise.
Q: Why is BlackRock’s announcement of buying Bitcoin important?
A: BlackRock is one of the largest asset management firms globally, and its decision to buy Bitcoin signifies growing institutional interest in the cryptocurrency. This news can boost market sentiment and contribute to Bitcoin’s upward movement.
Q: What is the impact of the iShares Bitcoin Trust listing on DTCC?
A: The listing of the iShares Bitcoin Trust on DTCC is a step closer to the launch of BlackRock’s Bitcoin spot ETF. While nothing is confirmed yet, this development indicates progress and suggests that the ETF approval may be imminent.
Q: What are the key resistance levels for Bitcoin?
A: The key resistance levels for Bitcoin are around $33.7k, $35.4k, and $37.7k. Breaking above these levels could indicate further upward movement.
Q: What are the potential price targets for Bitcoin?
A: Based on chart patterns, Bitcoin has potential price targets of around $37,000 and $74,000. These targets suggest the possibility of significant price increases in the future.
In conclusion, Bitcoin’s recent breakout above key resistance levels, coupled with BlackRock’s announcement of buying Bitcoin, indicates a potential bullish trend. The listing of the iShares Bitcoin Trust on DTCC further supports the anticipation of a Bitcoin spot ETF launch. Traders and investors should closely monitor Bitcoin’s price action and resistance levels to identify potential trading opportunities.
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