BTC price demands $63K flip as BlackRock CEO calls Bitcoin ‘legitimate’
2024.07.15 12:58
Bitcoin (BTC) battled $63,000 at the July 15 Wall Street open as traders looked for signs of further upside.
BTC/USD 1-hour chart. Source: TradingView
BTC price downtrend “over” — analyst
Data from Cointelegraph Markets Pro and TradingView showed bulls holding firm as daily gains totaled 3.5%.
Now up 10% since the start of the weekend, Bitcoin spawned fresh hopes of a full return of the bull market after weeks of sideways action punctuated by liquidation cascades downward.
“Bitcoin $BTC could be unfolding its often-repeated Hump…Slump…Bump…Dump…Pump chart construction,” popular trader Peter Brandt suggested on X (formerly Twitter), referring to the length of the corrective phase.
“Jul 5 attempt at double top was bear trap, confirmed by Jul 13 close. Most likely scenario now is that bears are trapped. Close below $56k negates this interpretation.”
BTC/USDT chart. Source: Peter Brandt/X
Others were more decisive about BTC/USD making a firm break with its prior behavior, among them popular trader and analyst Rekt Capital.
“The Bitcoin Downtrend is over,” he told X followers on the day.
BTC/USD chart. Source: Rekt Capital/X
A further chart uploaded to X came alongside an assertion that “history repeated itself” in terms of price action after Bitcoin’s latest block subsidy halving in April.
BTC/USD comparison. Source: Rekt Capital/X
“The final phase of the BlowOffTop has begun!” economist Henrik Zeberg, head of macro at crypto analysis firm Swissblock, announced.
Zeberg contributed a daily BTC/USD chart, which included a much anticipated bullish divergence on relative strength index (RSI) values.
BTC/USD chart with RSI data. Source: Henrik Zeberg/X
BlackRock’s Fink doubles down on Bitcoin commitment
Beyond markets themselves, Bitcoin bulls had a fresh boost on the day from a now familiar macro source: Larry Fink, CEO of the world’s largest asset manager, BlackRock.
Related: BTC price all-time high in July? 5 things to know in Bitcoin this week
In an interview with CNBC on the day, Fink reiterated his newfound “belief” in Bitcoin, confirming that he had changed his mind on it in the last five years.
“As you know, I was a skeptic; I was a proud skeptic,” he told the network.
“And I studied it, learned about it, and I came away saying, ‘OK, you know, my opinion five years ago was wrong; here’s my opinion today, this is what I believe in today, I believe the opportunity today.’”
Fink added that Bitcoin specifically was “legitimate.”
BlackRock currently operates the world’s largest spot Bitcoin exchange-traded fund (ETF) by assets under management.
Reacting to the interview, Bloomberg ETF analyst Eric Balchunas said that it is “hard to overstate how big a deal it is for Larry Fink, who runs $10.6T, to keep giving these full throated endorsements of bitcoin as legit asset class for everyday portfolios.”
“Buy in from BlackRock – as well as other legacy firms like Fidelity – gives boomer advisors comfort and cover to make the allocation,” he wrote on X.
“That’s why betting against, or minimizing the clear-to-anyone-with-eyes-and-a-brain early success of, these ETFs has been and will be dumb IMO.”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
