Bitcoin hits $69K as #BlackRock boosts Wall Street's $BTC footprint.
Bitcoin price continues above the November 2021 supply zone of $58,375–$65,518.
The BTC ETF market has additional players because BlackRock permitted more participation.
BTC's 60-day correlation with altcoins dropped to multi-year lows in Q1 2024 compared to 2023 and 2022.
Bitcoin (BTC) broke $68,000 entering the weekend. Analysts expect a pullback before the next run north, so this directional bias may not last. According to sources, BlackRock is attracting more ETF participants.
BlackRock boosts Wall Street's Bitcoin footprint.
Bitcoin reached $68,756 on Friday before a pullback. The immediate reaction was horrible, coming on the same day as US unemployment figures.
However, rumors that BlackRock, which provides the IBIT ETF, is adding players lifted sentiment.
The IBIT BTC ETF now includes Goldman Sachs, Citadel, UBS, and Citigroup as permitted participants. Due to "supply shortages on exchanges," the largest banks are directly contacting Bitcoin miners to acquire Bitcoin, according to Hut8 Mining CEO Asher Genoot.
Genesis sold $2.1 billion of its Grayscale Bitcoin ETF as banks approached miners.
Coinbase said Bitcoin “dips are likely to be more aggressively bought” due to new investors wanting digital gold. This suggests a supply shock. In addition, Kaiko Research reports that Bitcoin price's 60-day correlation with altcoins fell to multi-year lows in the first quarter of 2024 compared to 2023 and 2022.
Bitcoin price remains above the weekly supply zone of $58,375–$65,519. The 200-day Exponential Moving Average provides quick support. BTC might recapture its $73,777 top if 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 mean line
However, if sellers play and pull Bitcoin price below the median of the supply zone around $61,947, the slump will continue.$BTC
