Bitcoin (BTC), which was trading at $25,000, was still open on Aug. 11, Wall Street Open amid reports that the largest asset manager in the world had launched a BTC product.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
Silbert on BlackRock, “Here is Wall Street”
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD spiked to $24,921 via Bitstamp when United States stocks trading began.
Although the pair did not consolidate as high as the highs, it evoked confidence in the market sentiment. Popular crypto industry figures already see positive effects of the BlackRock move.
Barry Silbert, former Grayscale CEO, replied, “Here is Wall Street …,”.”
William Clemente (Blockware’s lead insights analyst), said that the news was an important milestone in Bitcoin’s history.
He told his Twitter followers that he thought the Blackrock news was the most bullish news ever for long-term Bitcoin holders.
“Not only the news, but the signal to some that the water is good and to others that if they don’t offer their clients BTC, they’ll get their lunch.”
Larry Fink, BlackRock’s CEO had described Bitcoin five years ago as an “index for money laundering”. By 2020, Fink had changed his mind and acknowledged that Bitcoin could become a global market.
According to a statement, BlackRock confirmed that its offering would be in the form of a spot Bitcoin Private Trust.
It stated that the trust was available to U.S. institution clients and sought to track bitcoin’s performance, less expenses, and liabilities.
“Despite the sharp downturn in digital asset markets, we still see substantial interest from institutional clients in how to cost-effectively and efficiently access these assets using our technology capabilities.”
Cointelegraph reported that the firm made its first foray into Bitcoin in this month’s partnership with Coinbase, a U.S.-based exchange.
The June futures gap is in play
When it came to short-term price targets, the mood was flexible but not bullish among commentators.
Related: Bitcoin struggles to overcome 2-month resistance amid the rally of’most hated stocks’
Whalemap is an on-chain monitoring resource. The potential upside and disadvantages remain substantial, with $20,000 not being a floor.
The Whalemap team shared the following information with a chart that shows relevant levels: “$BTC is breaking free of an ascending triangular on low volatility meaning we should expect a big move soon enough,”
“Holding up until the breakout is the number one priority, where the realistic targets are 27-29k over or 19k below in the event we don’t hold.”
Annotated chart of Bitcoin levels Source: Whalemap/Twitter
Altcoin Bets, a popular Twitter account, meanwhile stated that “as long we stay above 24k daily, we should reachfor 28k CME gap.” This refers to a void on the CME Bitcoin futures charts, which can act as a spot-price magnet.
CME Bitcoin futures 1-day candle charts with the nearest “gaps” highlighted Source: TradingViewcom. You should do your research before making any investment or trading decision.