Crypto Industry News:
The market is hoping that the BlackRock ETF will help cryptocurrencies. Is it really a signal of mass adoption coming? Finbold points out that as recently as 5 years ago, BlackRock CEO Larry Fink said that "fund clients are not interested" in cryptocurrencies. He accurately said that the number of interested is zero. It must now be much higher if the fund has taken advanced steps by filing with the SEC.
As recently as 8 months ago, Fink pointed out that Bitcoin is amazing. Why? Because it raises great interest, although the crypto market is still just a flea compared to the stock market. What's more, he said some hope that cryptocurrencies will catch up with stocks in the distant future. As a representative of Wall Street, he spoke quite enthusiastically, in his opinion, this is a 'possible' scenario. The previously skeptical giant is showing more and more interest in cryptocurrencies.
Pending the opinion of the Securities and Exchange Commission (SEC), BlackRock has developed a positive reputation with the regulator, as highlighted in the Finbold report. It is worth noting that BlackRock's record for SEC-approved ETFs stands at an impressive 575-1. If the application for a spot ETF is approved, it could have far-reaching consequences for the entire cryptocurrency market. It is worth noting that the SEC has yet to approve any Bitcoin spot ETFs, although it has given the green light to Bitcoin futures ETFs in the past. The introduction of the spot can have a significant impact on the value of the cryptocurrency market - mainly Bitcoin. A similar story happened many years ago with the gold spot ETF.
Technical Market Outlook:
The BTC/USD pair has bounced from the swing low made at the level of $24,833 and is testing the technical resistance level at $26,861. In a case of a breakout higher, the next target for bulls is seen at the level of $27,380. The intraday technical support is seen at the level of $26,261 (100 MA) and $26,199 (50 MA). The strong and positive momentum on the H4 time frame chart supports the bullish outlook for BTC.
Weekly Pivot Points:
WR3 - $26,778
WR2 - $26,563
WR1 - $26,480
Weekly Pivot - $26,348
WS1 - $26,256
WS2 - $26,123
WS3 - $25,978
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.
