The Rise of Bitcoin: The Role of BlackRock, ETFs and Coinbase
Bitcoin has experienced a remarkable resurgence following the approval of Bitcoin ETFs, and one of the main beneficiaries of that revival has been Coinbase, whose share price is closely correlated to the leading cryptocurrency. This development boosted Coinbase's price by 57% in the last quarter, resulting in an incredible 64% increase in transaction revenue to $529.3 million. These solid gains are attributed to the SEC's approval of ETFs, CNA Asia reported. Further gains are expected in the cryptocurrency market, especially with BlackRock's ETF emerging as a major player, with 111,000 Bitcoins since its approval and accumulating $5 billion in assets.
Bitcoin's current price dynamics indicate that a highly organized, deliberate and institutionalized market structure is being generated, giving fuel to Bitcoin's resurgence as a powerful institutional investment tool. From a technical standpoint, BTCUSD has formed a sideways channel since the breakout at $35,603 in early November, which was recently pierced on February 13, followed by a return to a narrower sideways range. This pattern suggests orchestrated strong hand intervention, driving the price building trajectory higher gradually, in line with the aforementioned developments.
Bitcoin's previous high at $64,899 indicates a possible trajectory towards recovery from that price level. The RSI divergence, currently at 64.16%, suggests ample room for further upside potential, reinforcing the idea of a sustained uptrend. The Checkpoint (POC) currently stands at $43,030, roughly at the midpoint of the channel observed prior to the breakout, implying a possible correction towards this level to establish a stable price base for institutional accumulation.That price zone could for a season be an area of movement for the cryptocurrency.
Ion Jauregui - AT Analyst
The information provided does not constitute investment research. The material has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and such should be considered a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
Bitcoin's current price dynamics indicate that a highly organized, deliberate and institutionalized market structure is being generated, giving fuel to Bitcoin's resurgence as a powerful institutional investment tool. From a technical standpoint, BTCUSD has formed a sideways channel since the breakout at $35,603 in early November, which was recently pierced on February 13, followed by a return to a narrower sideways range. This pattern suggests orchestrated strong hand intervention, driving the price building trajectory higher gradually, in line with the aforementioned developments.
Bitcoin's previous high at $64,899 indicates a possible trajectory towards recovery from that price level. The RSI divergence, currently at 64.16%, suggests ample room for further upside potential, reinforcing the idea of a sustained uptrend. The Checkpoint (POC) currently stands at $43,030, roughly at the midpoint of the channel observed prior to the breakout, implying a possible correction towards this level to establish a stable price base for institutional accumulation.That price zone could for a season be an area of movement for the cryptocurrency.
Ion Jauregui - AT Analyst
The information provided does not constitute investment research. The material has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and such should be considered a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
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