BTC Price Increases By $66K As BlackRock Adds US Banks To Bitcoin ETF
Bitcoin (BTC) crossed US inflation signs on April 5 amid renewed excitement for institutional investment in the future.
Bitcoin eliminates the possibility of a Fed rate cut
Data from Cointelegraph Markets Pro and TradingView showed renewed BTC price support as BTC/USD pushed to $68,630 after the Wall Street open.
Currently hovering around $68,000, bitcoin appeared on the heels of news that the world's largest asset manager, BlackRock, has tapped major US banks to participate in its Bitcoin exchange-traded fund (ETF).
Names listed in a file shared online include Goldman Sachs, Citadel, UBS and Citigroup.
“Big-time companies need action now and/or are safe now,” Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, wrote in part in a response to X.
Balchunas suggested that the developments “could be the result of mega flows/success of ETFs”.
As Cointelegraph reports, the nine new entrants held more than 500,000 BTC between them as of April 4, not including holdings in the newly minted ETF, Grayscale Bitcoin Trust.
BlackRock's narrative has served to protect BTC's price action from recent signs of US inflation.
These came in the form of above-expected employment data, which suggests the Federal Reserve will have more room to keep interest rates on hold for longer.
The latest data from CME Group's FedWatch Tool showed the odds of a rate cut in 2024 being pushed to the end of the year.
The odds of a June drawdown were more than 50% at the time of writing, down 10% from earlier in the week.
“All bets are off” if BTC price breaks $69,000
Analyzing the market structure, prominent trader Daan CryptoTrades pointed out that sell-side liquidity is being taken publically.
Related: Bitcoin is a hedge against ‘terrible' government fiscal policy – Catie Wood
Additional data from wealth tracker CoinGlass showed significant sellers lined up above $69,000 – still the focal point of price action.
“Break $69,000 and all bids are gone,” continued Jelle, another trader, in his own analysis of X.
Jelle BTC/USD has succeeded in making a significant low on the hourly time frames, which could set the pair up for further upside.
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.
