It is that time of the bull cycle when talk of market bottom and adoption of BTC fills the crypto Twitter space. It is a great time to be alive, just before the bull run commences. The financial landscape has changed immensely, old players have gone down, and new ones have risen – namely Blackrock.
Previous Analysis
The SEC shook the markets last week with their lawsuit against Binance US. If it were older, BNB would have dropped straight to $20. But thanks to the resilience gained over time, the news only took 10% off the exchange token. Bitcoin fell just 6%, only to immediately recover (1) once everyone understood that only the US branch of the company had been affected.
The company paused USD fiat channels on June 13, 2023. Users had been advised to withdraw their USD balances via bank transfers before that date.
Moving on to this week, further good news streamed in this week as Binance.US has begun talks with the SEC that will prevent their assets from being frozen. It is not clear why the regulatory body suddenly became lenient and open to talks. Maybe it’s because new information was unearthed about the Chair, Gary Gensler, carrying out insider trading on Coinbase. Or maybe it is the fact that he offered his advisory services to Binance.US in 2019.
Either way, that, coupled with the news of the Blackrock BTC ETF application, has put hope of an imminent bull run in the hearts and minds of investors.
Bitcoin Price Next Week
Despite the good news, Bitcoin is sitting in a hazardous zone. The asset just touched the 200-EMA on the daily chart and even closed slightly lower on June 14, 2023.
However, on June 15, 2023, Blackrock’s news of the Bitcoin ETF application sent the asset up, negating the previous breakout below the 200-DMA.
This indicator is very key in determining the long-term trend of an asset. If Bitcoin breaks below it, the market will generally turn bearish. The market has already been trending below the 50 DMA since the beginning of May 2023. If it goes lower and the 50 DMA crosses the 200 DMA, then we have a death cross.
The death cross appears on a chart when a stock’s short-term moving average, usually the 50-day, crosses below its long-term moving average, usually the 200-day.
Blackrock announces Bitcoin ETFs
Although Blackrock is not a new player, the company has operated in the shadows for a long time. The company filed for a Bitcoin ETF application with the SEC, a move that sent bullish signals across the crypto space. Many think this might push BTC to the $1 million price mark.
DISCLAIMER: The work included in this article is based on current events, technical charts, company news releases, and the author’s opinions. It may contain errors, and you shouldn’t make any investment decisions based solely on what you read here.