As BlackRock CEO Calls Bitcoin ‘Legitimate’, BTC Price Wants To Overturn $63K
Bitcoin (BTC) battled $63,000 at the July 15 open on Wall Street as traders looked for signs of a reversal.
BTC depreciation “over” – analyst
Data from Cointelegraph Markets Pro and TradingView show that bulls are firmly in place with daily gains totaling 3.5%.
Now up 10% since the start of the weekend, Bitcoin's downward spiral has given rise to renewed hope that the bull market will fully recover after weeks of sideways action.
The famous trader Peter Brandt on X (formerly Twitter) “Bitcoin $BTC can extend the often repeated Hump … Slump … Bump … Dump … Pump chart construction ” correction level.
“A test at a double top on July 5th was a bear trap, confirmed by a close on July 13th. Perhaps the current situation is that the bears are trapped. Close below $56k negates this definition.
Others were more adamant about BTC/USD making a strong break with its previous behavior, including prominent trader and analyst Rekt Capital.
“The Bitcoin Downtrend is over,” he told X followers that day.
After Bitcoin's recent block subsidy halving in April came an additional chart uploaded to X with the assertion that “history has repeated itself” in price action.
“The final stage of BlowOffTop has begun!” Economist Henrik Zeberg, head of crypto analysis firm Swissblock, announced.
Zeberg has contributed a daily chart of BTC/USD, which includes the divergence of the most anticipated relative strength index (RSI) values.
BlackRock's Fink Doubles Down on Bitcoin Commitment
Beyond the markets themselves, bitcoin bulls had fresh encouragement on the day from a now-familiar macro source: Larry Fink, CEO of the world's largest asset manager, BlackRock.
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In an interview with CNBC that day, Fink reiterated his new “faith” in Bitcoin, confirming that he has changed his mind over the past five years.
“As you know, I was a skeptic; I was a proud skeptic,” he told the network.
“And I studied it, I learned about it, and I said, ‘Well, you know, my opinion five years ago was wrong;' I came saying. This is my thought today, this is what I believe today, I believe in the opportunity of today.'
Fink added that Bitcoin is particularly “legitimate.”
BlackRock currently operates the world's largest Bitcoin exchange-traded fund (ETF) with assets under management.
“It's hard to imagine how big a deal it is for Larry Fink, who runs $10.6T, to continue offering these full-throated guaranteed bitcoin daily portfolios as a legitimate asset class,” Bloomberg ETF analyst Eric Balchunas responded in an interview. ”
“Buying from BlackRock — as well as other legacy firms like Fidelity — gives boomer advisors comfort and coverage,” he wrote on X.
“Which is why these EFAs have been and will remain IMO, betting on early success with eyes and brains or a clear-cut for anyone.”
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
