BTCUSD Analysis: The Price Has Updated the High of the Year, What's Wrong With That?

FXOpen

In an interview with Fox Business, the CEO of Black Rock fund (over $8 trillion under management), Larry Fink, made some positive comments about bitcoin. Briefly:

→ bitcoin can become a catalyst for the tokenization of various assets and securities, which, in turn, can lead to a revolution in the financial sector;
→ bitcoin has unique properties that distinguish it from traditional stores of value such as gold. For example, its international recognition.

Fink also expressed the hope that the positive experience of cooperation between Black Rock and the SEC will allow the regulator to approve the launch of an ETF based on bitcoin (the application has already been submitted, but Larry did not give forecasts on the timing of its consideration).

Fink's words were received with enthusiasm by the crypto community, which gave the market a bullish mood. The price of BTC/USD yesterday updated the maximum of the year.

But in this story there is a negative, which lies in the nature of the behavior of the price of BTC/USD when updating the maximum. The BTC/USD chart shows that there was only a slight excess of the previous peak, after which the price went down sharply, reaching almost the lower limit of the range in which it has been since the 22nd.

Strong markets don't behave like this. This false break provides an argument that the bears are active and may attempt to break out of the current range.

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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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