Once again Bitcoin is in the headlines as it has given a yearly breakout by crossing the 30500 $ mark on the 23 June closing basis due to new sentiments prevailing in the market. Despite U.S. Securities and Exchange Commission efforts like recent charges on Binance for selling unregistered securities, Bitcoin has managed to rise about 20% reaching 52 weeks high. This spike in price was fueled by Blackrock ETF news. The market giant Blackrock has planned to launch a Bitcoin exchange-traded fund. This would offer institutional exposure to the cryptocurrency. This is relief news for crypto investors after last year’s crash led by the collapse of the FTX exchange. The institutional interest has cleared the pathway for new investors.
The recent rate interest rate hike by FED has made retailers and institutions cautious over crypto investments. But with Blackrock’s move interest among investors has once again got boosted. Not only bitcoin but Ethereum has also crossed the 1900 $ level turning overall sentients to bullish.
- But 30000 $ to 32500 $ is the key resistance level. Further, push from buyers can lead the Bitcoin to break 32500$ crucial level and may signal a rally in the crypto market.