BlackRock Inc. (NYSE: BLK), the largest investment management company with nearly $10 trillion in assets under management (AUM), has filed for a Bitcoin exchange-traded fund (ETF) with the Securities and Exchange Commission (SEC), bringing bullish news to the Bitcoin market.
This development has prompted a rebound in Bitcoin price from its recent lows, surging to around $27,100 today. Despite the relative calm in the altcoin market, Bitcoin dominance has increased by approximately 1.2 basis points (bps) over the past five days, reaching 50.03 percent on Tuesday.
Read More Here: BlackRock Sets a Milestone with Bitcoin ETF Filing: A Seismic Shift in Crypto Industry? – Coinpedia Fintech News
Bitcoin Whales Want More
Institutional investors, led by BlackRock’s interest in Bitcoin (BTC), have played a crucial role in the recent upward momentum of the cryptocurrency. On-chain data provided by Santiment reveals that Bitcoin whales, with accounts holding between 1,000 and 10,000 BTC, have accumulated over 131,000 coins in the past 11 weeks, reaching their highest holdings in this category in seven months.
Bitcoin Bulls Have Their Eyes On The Prize
Despite the recent positive developments, the price of Bitcoin remains within a short-term falling trend that began in mid-April. On the daily time frame, Bitcoin’s price has formed lower highs and lower lows, characteristic of a bearish market trend.
To invalidate the falling trend and potentially push the price higher, Bitcoin bulls must successfully break above the $28,400 resistance level. Failure to do so could keep the falling trend intact, potentially pushing the price toward $21,000. Conversely, short-squeeze traders may fuel a bullish outlook in the short term.
