Originally published on: April 05, 2024
Bitcoin is showing resilience against U.S. inflation signals, with its price bouncing to $68,630 following the opening bell on Wall Street. This surge is fueled by the news of BlackRock, the world’s largest asset manager, adding major U.S. banks to its spot Bitcoin exchange-traded fund (ETF). Institutions like Goldman Sachs, Citadel, UBS, and Citigroup are now part of this initiative, signaling a growing interest in Bitcoin from big players.
The addition of these banking giants to the ETF has attracted attention, with analysts attributing it to the ETFs’ success and massive inflows. This move from BlackRock has shielded Bitcoin from the impacts of the latest U.S. economic indicators, hinting at a positive outlook for the cryptocurrency.
The data shows that Bitcoin is gaining momentum, with significant support at $68,000. The upcoming price action is crucial, with resistance expected at $69,000. Traders are closely watching these levels to determine the future direction of BTC/USD.
The market sentiment is optimistic, with traders eyeing a potential breakout above $69,000. If this level is breached, it could pave the way for further gains in Bitcoin’s price. Investors are advised to conduct thorough research before making any investment decisions, as the market remains volatile.
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