Bitcoin price hovered around $67,939 during European business hours on Friday
Blackrock BTC ETF (IBIT) breaks $20 billion, becoming the fastest-growing ETF in history to hit that figure in under 1,000 days.
Blackrock inches closer to overtaking Grayscale in Bitcoin holdings.
Bitcoin price analysis: Investors are alert as Bitcoin threatens to break out of a key market structure. Bitcoin price today is $67,939, which represents a 0.3% increase in 24 hours and another 1.1% increase in 7 days as per Coingecko data.
Bitcoin Price Statistics
Bitcoin Market Cap Dominance: 50.3% ⬆
Bitcoin Market Cap: $1.338 trillion ⬆
Total Supply: 21 million
Circulating supply: 19.705 million ⬆
Bitcoin Price Analysis: Bears Delay Pump, But $75,000 Still in Sight
BTCUSDT Chart by Tradingview
Last week, Bitcoin price portrayed classic textbook retested after breaking out of the three-month falling wedge chart pattern. The price of the asset was expected to bounce back up and make $82,000.
The price sustained above the 50-day and 200-day simple moving averages, hinting at a bullish market sentiment.
BTCUSDT Chart by Tradingview
This week, the Bitcoin price 4-hour chart shows signs of an impending breakout. The price is still trending above the two moving average indicators, confirming the bullish bias.
BTC price has also been posting higher lows since the beginning of May, forming a consistent steady uptrend. As long as the price action stays above the trendline, Bitcoin will continue to be bullish.
Currently, BTC is at a point of decision-making since it is at the end of the descending triangle. While this chart pattern mostly results in bearish plays, it sometimes resolves in an explosive upward breakout.
If BTC’s price breaks to the upside, it could rise as high as $77,000. However, along the way, there are key resistance points around $70,000, $71,000, and $74,000. In an inverse scenario, Bitcoin may find support around $66,000, which has been tested twice in the past two weeks.
Blackrock’s BTC ETF Hits $20 Billion in Record Time
Blackrock, the trillion-dollar U.S. asset management firm has been accumulating Bitcoin rapidly since the ETF received approval in January. As of April 30, 2023, Blackrock was just 15,000 BTC shy of overtaking Grayscale in the Bitcoin holdings.
In the meantime, the Blackrock spot Bitcoin ETF (IBIT) just hit $20 billion, becoming the fastest-growing ETF in history to hit that figure in under 1,000 days.
These metrics suggest a growing Bitcoin adoption that may soon transform into an explosive Bitcoin price.
