Today, Bitcoin is trading just above the $34,000 mark, following a surge to a high of $35,280, influenced by market fluctuations. The volatility was triggered by the removal of BlackRock (NYSE:BLK) iShares BTC Trust (IBTC ticker) from the Depository Trust & Clearing Corporation (DTCC) list. This unexpected delisting led to a crash of the DTCC website due to heavy investor traffic.
The market reaction was reminiscent of the response to earlier incorrect news regarding the approval of the BlackRock iShares spot Bitcoin exchange-traded fund (ETF) by the US Securities & Exchange Commission (SEC). Speculation suggests that the SEC may have requested BlackRock to postpone their plans, which contributed to nudging Bitcoin's price towards its current level.
Despite these developments, Bitcoin's market sentiment remains bullish, with potential for an upward trend towards $35,000 if more investors participate. The Relative Strength Index (RSI), currently at 87 as per Welles Wilder's interpretation, indicates a possible sell-off in the near future. Conversely, the Awesome Oscillator (AO) shows large volumes of green histogram bars, signaling continued bullish market control.
However, if profit-takers dominate the market, Bitcoin could risk losing its critical support at $31,777 and potentially drop below the significant $30,000 psychological level. Amidst these market dynamics, ETF specialist Eric Balchunas commented on the unusual attention garnered by these events.
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