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Bitcoin wants to test USD 25,000 two months after its most resounding fall

Key facts:
  • Blackrock, the world’s largest asset manager, will offer bitcoin to its clients.

  • The decline in inflation in the United States is being a relief for the stock markets.

Two months ago the market was painted red and panic reigned among investors. Although today the caution persists among the most expert and the ruins of the Terra debacle still generate mourners, the main cryptocurrency in the market is managing to leave behind its red numbers. Touching $24,800, a more positive outlook is outlined for bitcoin (BTC).

As we can see in the TradingView charts, Bitcoin has been testing the $24,700 per unit area with a rise of almost 4%. This level had not been tested since June 13, the day on which one of its deepest falls in the bear market was recorded. The cryptocurrency went from being worth USD 27,700 to trading at USD 21,000 in a matter of hours, a few days later it would test its bottom: $17,000.

Two months after this event and with a still complicated macroeconomic situation, the main cryptocurrency in the market is trying to reverse the losses of recent months, although it still has a long way to go. One of the reasons for this rise seems to be related to a recent Blackrock announcement benefiting bitcoin.

The company confirmed the launching a bitcoin trust cash. That is, a financial tool that will allow the firm’s clients direct exposure to cryptocurrency. The news comes just days after this major asset manager confirmed her alliance with the Coinbase exchange, whose collaboration would help Blackrock offer bitcoin exchange services to its clients.

Taking into account that Blackrock is one of the most important asset management companies in the world, with more than 10 billion dollars under its management, the launch of this service for its clients could mean even more capital flowing into the Bitcoin market. If we manage to capture the interest of Blackrock institutional investors, we could see an increase in volume in BTC purchases.

A break from inflation also helps

Another factor that may be helping BTC rise is the new US inflation metrics, which have result in an unexpected dischargeas we reported in CriptoNoticias.

The economic situation of the American power, as well as the political and financial conditions of the rest of the world, have had a significant impact on the stock market. Bitcoin, along with shares of the main exchanges of the world, has suffered on several occasions from the unpromising forecasts for the world economy and the increase in interest rates in the United States.

However, a respite in the increase in inflation in this country would be indicating that the measures taken by the Federal Reserve are bearing fruit and a decrease in interest rates could be expected. As if that were not enough, the fact that a new increase in interest rates, which seek to encourage savings, is not expected in August, is another positive sign that could favor a rally Bitcoin bullish.

Since the first days of August, famous ecosystem traders predicted that BTC it could touch the $25,000 level sooner rather than later. Likewise, it is outlined that the next numbers to be tested could be $27,000 and up to $30,000. Nevertheless, analysts like Scott Melkerpoint out that we are still in a bear market structure and that it is always possible to test downward movements.

In this sense, it is better to wait to verify that this latest rise in the Bitcoin market is a trend with enough strength to continue or if, on the contrary, it is another trend. rally bear market which seeks to alleviate the bear market but will not stop the losses.

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