Recent developments and expert analysis indicate that the Bitcoin price fluctuations may have hidden motives. While Bitcoin hovers around crucial levels, a leading crypto analyst raises questions about the involvement of global heavyweight, BlackRock.
How much true is there behind this speculation? You’ll have to read on to know more!
BlackRock’s Hidden Hand?
Prominent crypto specialist, Crypto Rover, recently added fuel to the fire by proposing that BlackRock could be strategically suppressing Bitcoin’s price. Rover contends that this deliberate action is aimed at allowing industry giants, including BlackRock, to accumulate Bitcoin at discounted rates.
The Broader Picture: SEC’s Secret Role?
This theory aligns with the actions of the US Securities and Exchange Commission (SEC), which, instead of merely enforcing regulations, might secretly be slowing down the crypto market to favor major players.
Rover supports his argument by highlighting the SEC’s recent leniency, exemplified by its dismissal of concerns raised against Grayscale. These shifts in behavior imply that the SEC could soon become more receptive to cryptocurrencies.
If this scenario unfolds, it could pave the way for clearer guidelines and approvals for ETFs (Exchange-Traded Funds), potentially benefiting the dominant market players and triggering a bull market, driving Bitcoin’s price upward.
Bitcoin’s Current Market Scenario
As of the latest update, Bitcoin is trading at $26,830 and faces a significant resistance barrier at $27,700. The prevailing market momentum, as indicated by tools like the Relative Strength Index (RSI) and the Awesome Oscillator (AO), suggests a bullish sentiment. If this momentum persists, Bitcoin could surpass this resistance level, potentially reaching around $28,200.
In an ideal situation, Bitcoin could break through the supply zone at $29,500. However, the outlook is not entirely rosy. A drop below the $27,700 threshold might steer Bitcoin southward, potentially pushing it below $26,600, where it grapples with a declining trendline.
What do you think the truth is?