BITCOIN (BTCUSD) – Week 34 – Bullish momentum
BlackRock, the world's largest asset manager with $9 trillion in assets under management (AUM), has invested in Bitcoin mining companies Marathon Digital Holdings and Riot Blockchain, both located in the United States. According to a mandatory SEC filing dated June 30, BlackRock now holds 6.71% in Marathon Digital Holdings and 6.61% in Riot Blockchain. The news comes amid a boom for Bitcoin miners. Firms based outside China are reaping the benefits of the recent crackdown on mining there, and seeing profits to the tune of $44 million a day, according to data aggregator YCharts.
In the last two weeks, at least five money managers have filed to start bitcoin futures ETFs after Securities and Exchange Commission Chairman Gary Gensler said he'd be open to ETFs that include bitcoin futures rather than holding cryptocurrency directly if they follow the strict rules that mutual funds use. In fact, the first U.S. bitcoin futures mutual fund launched in July.
American rapper Busta Rhymes is looking to get paid in bitcoin. Rhymes made news when he first posted on Twitter about being curious about crypto. The rapper had asked his fans if they knew about crypto. Which resulted in fans shilling the rapper their favorite coins.
Technically, Bitcoin respected perfectly what we predicted in the last week’s report. It made a correction and then a continuation to the upside. For this week we see a consolidation happening in this area and then a continuation to the upside as the higher probability move. The price can have a sharp pullback to the support area at 43k and then we will have to study the price action to determine the next move.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
In the last two weeks, at least five money managers have filed to start bitcoin futures ETFs after Securities and Exchange Commission Chairman Gary Gensler said he'd be open to ETFs that include bitcoin futures rather than holding cryptocurrency directly if they follow the strict rules that mutual funds use. In fact, the first U.S. bitcoin futures mutual fund launched in July.
American rapper Busta Rhymes is looking to get paid in bitcoin. Rhymes made news when he first posted on Twitter about being curious about crypto. The rapper had asked his fans if they knew about crypto. Which resulted in fans shilling the rapper their favorite coins.
Technically, Bitcoin respected perfectly what we predicted in the last week’s report. It made a correction and then a continuation to the upside. For this week we see a consolidation happening in this area and then a continuation to the upside as the higher probability move. The price can have a sharp pullback to the support area at 43k and then we will have to study the price action to determine the next move.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
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