#Bitcoin Bitcoin price will pass above the November 2021 supply zone of $58,375 - $65,518.
The BTC ETF market has additional players because BlackRock has allowed more participation.
BTC's 60-day correlation with altcoins fell to multi-year lows in Q1 2024 compared to 2023 and 2022.
Bitcoin (BTC) broke the $68,000 barrier as it entered the weekend. Analysts expect a pullback before the next trend north, so this directional bias may not persist. According to sources, BlackRock is attracting more ETF participants.
BlackRock is strengthening its Bitcoin footprint on Wall Street.
Bitcoin reached $68,756 on Friday before pulling back. The immediate reaction was terrible, as it came on the same day that US unemployment numbers came out.
However, rumors that BlackRock, which offers the IBIT ETF, is adding players, have lifted sentiment.
The IBIT BTC ETF now includes Goldman Sachs, Citadel, UBS, and Citigroup as permitted participants. Due to a “lack of supply on exchanges,” the largest banks are reaching out directly to Bitcoin miners to acquire Bitcoin, according to Hut8 Mining CEO Asher Jenot. Genesis sold $2.1 billion worth of its Grayscale Bitcoin ETF as banks close in on miners.
Coinbase said Bitcoin "is likely to buy the dips more aggressively" due to new investors' appetite for digital gold. This indicates a supply shock. Additionally, Kaiko Research reported that Bitcoin's 60-day price correlation with altcoins fell to multi-year lows in Q1 2024 compared to 2023 and 2022.
Bitcoin price is still above the weekly supply zone of $58,375-$65,519. The 200-day EMA provides quick support. BTC may reclaim its high of $73,777 if the bulls can push it above $69,000.
The Awesome Oscillator (AO) and Moving Average Convergence Divergence (MACD) indicators are strong, supporting the bullish Relative Strength Index (RSI) above the 50 mid-line.
However, if sellers play and drag Bitcoin price below the average supply zone of around $61,947, the decline will continue. Bitcoin price may provide another buying opportunity at $60,000 or less.
