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Crypto Writer
Arslan Butt
Crypto Writer
Arslan Butt
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Bitcoin price has recently stalled near $66,000, facing strong resistance due to a triple-top pattern, which has slowed its upward momentum.
As this key level continues to hold, market participants are watching closely for a breakout or potential bearish correction.
Insights from notable figures like BlackRock CEO Larry Fink, and institutional actions like Japan’s Metaplanet acquisition, further emphasize Bitcoin’s growing status as a key financial asset.
BlackRock CEO Larry Fink Sees Bitcoin as a Key Asset Class, Comparable to Gold
BlackRock CEO Larry Fink has acknowledged Bitcoin as a significant asset class, comparing its investment potential to that of gold. During BlackRock’s Q3 2024 conference call, Fink stressed that Bitcoin’s growth will be driven by liquidity and broader usage, rather than regulatory changes.
He also noted strong investor interest in BlackRock’s Bitcoin ETF, which has already attracted $23 billion in inflows.
Fink further highlighted the promising performance of BlackRock’s Ethereum ETF and predicted that blockchain and artificial intelligence will reshape global financial markets.
With BlackRock’s endorsement, institutional acceptance of Bitcoin continues to rise, potentially attracting more investors. This growing demand could boost Bitcoin’s price in the coming months.
Key Points:
- BlackRock’s Bitcoin ETF attracted $23 billion in inflows.
- Fink predicts blockchain and AI will transform financial markets.
- Institutional interest in Bitcoin may drive future price increases.
Japanese investment firm Metaplanet has added 108.78 BTC, valued at ¥1 billion ($6.9 million), to its Bitcoin holdings, bringing its total to 639.50 BTC, or $40.5 million.
Since adopting its Bitcoin acquisition strategy earlier this year, Metaplanet’s stock has surged by over 532%. The firm also earned 23.97 BTC in premiums by selling 223 Bitcoin put options with a $62,000 strike price.
Metaplanet’s move reflects growing institutional interest in cryptocurrencies in Japan. As institutional confidence in Bitcoin rises, demand is expected to increase, potentially boosting Bitcoin’s price.
Key Points:
- Metaplanet adds 108.78 BTC, now holding $40.5 million in Bitcoin.
- The firm’s stock is up 532% since its Bitcoin strategy began.
- Rising institutional demand in Japan could drive Bitcoin prices higher.
Galaxy Research: Harris More Crypto-Friendly Than Biden, But Trump Leads on Bitcoin
According to Galaxy Research, Kamala Harris is more supportive of cryptocurrencies than President Joe Biden but trails Donald Trump. Harris seeks to improve regulations for crypto companies but holds negative views on Bitcoin mining, self-custody, and taxes.
In contrast, Trump strongly supports Bitcoin mining and self-custody, aiming to make the U.S. a leader in crypto.
Harris’ higher capital gains tax proposals may impact crypto ownership, while Trump’s pro-Bitcoin stance could positively influence market sentiment if his policies gain traction.
Key Points:
- Harris supports crypto regulations but opposes Bitcoin mining and self-custody.
- Trump is more bullish, backing Bitcoin mining and self-custody.
- Both candidates’ stances could shape future crypto market sentiment.
Bitcoin Price Analysis: Technical Outlook
Bitcoin has encountered a significant resistance zone near $66,237, marked by a triple-top pattern, which is limiting upside momentum. The formation of a tweezer’s top pattern just below this resistance suggests a potential bearish correction.
Currently, Bitcoin is trading above its 50-day EMA at $63,635, indicating that while short-term momentum remains bullish, failure to break above the key resistance could trigger further selling pressure.
Immediate support is seen at $64,421, with stronger supports at $63,635 and $62,143. If Bitcoin breaches the $66,237 resistance, we may see a bullish breakout towards the next resistance at $67,310.
Key Insights:
- Resistance: $66,237 (Triple top), $67,310
- Support: $64,421, $63,635
- RSI: 71.03, signaling overbought conditions
In conclusion, a break above $66,237 could extend Bitcoin’s bullish trend, while failure to do so may lead to a deeper correction.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
