Bitcoin Tags Resistance Level On Optimism

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Bitcoin Tags Resistance Level On Optimism

Bitcoin Tags $69,000 Level On Optimism From Blackrock

Bitcoin (BTC) once again attempted to make a high and ended up touching the $69K level. In this attempt, the Bitcoin (BTC) also crossed the $68K resistance.

Now, it remains to be seen whether Bitcoin (BTC) can maintain its current direction or will fall victim to another correction wave. Meanwhile, media reports hint at the possibility that several more players will likely join the BTC ETF scene.

Blackrock Invites Big Players Into Btc Etf

On Friday, Bitcoin prices also crossed $68K and ended up touching $68756. It appears that Bitcoin (BTC) had tried to cross the $69K once again but failed halfway.

Meanwhile, the non-farm payrolls were also released for March, which showed a surprise of +103K when compared with the forecast. Additionally, the unemployment rate in the USA during March was 3.8%, which is against a forecast of 3.9%.

The NFP report was dollar positive but the sentiment was reversed in the favor of BTC due to BlackRock. There are several reports which suggest that BlackRock has invited more players into the ETF scene.

According to reports, several major firms, such as Citadel, Citigroup, and even Goldman Sachs, have shown interest in the BTC ETF. In addition, they also have made it clear that they are fine with being associated with anything like this in public.

What's truly interesting is that all these big-time firms are now authorized participants (AP) of the ETF. Furthermore, many big banks have made attempts to contact Bitcoin miners directly. The reason for this move was the apparent supply shortage of Bitcoin on different exchanges.

Elsewhere, Coinbase believes that any dips in the BTC will likely be bought pretty aggressively by the bulls. According to them, this is a sign that the BTC is going through a supply shock.

Adding to this, Kaiko Research has also highlighted that the correlation of Bitcoin with other altcoins has touched multi-year now in a 60-day timeframe.

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