Bitcoin was in a tough fight at the $63,000 level as traders looked for further upside signals at the opening of Wall Street on July 15.
BTC Price Downtrend “Over” – Analyst
According to data from Cointelegraph Markets Pro and TradingView, the bullish trend continues with a daily gain of 3.5%.
Bitcoin, up 10% since the weekend, offered new hope that a full-blown bull market was returning after weeks of sideways trading and a liquidation sell-off.
Popular trader Peter Brandt noted the length of the correction phase in X, suggesting that “Bitcoin $BTC could be in for a recurring Hump…Slump…Bump…Dump…Pump chart pattern.”
“The double top attempt on July 5th was a bear trap, confirmed by the July 13th close. The most likely scenario now is that the bear is trapped. A close below $56,000 would invalidate this interpretation.”
There are others who are more adamant about allowing BTC/USD to make a decisive break from its previous behavior, including popular trader and analyst Rekt Capital.
“The Bitcoin bear market is over,” he told X followers on July 15.
Another chart uploaded to X also claims that “history repeats itself” in terms of price action following Bitcoin’s latest block subsidy halving in April.
“The final phase of BlowOffTop has begun!” announced economist Henrik Zeberg, head of macro at crypto analytics firm Swissblock.
Zeberg provided a daily BTC/USD chart that included the much-anticipated bullish divergence in the Relative Strength Index (RSI) values.
BlackRock’s Fink Further Pushes Bitcoin Investment
Beyond the market itself, Bitcoin bulls got a new boost on July 15 from a now-familiar macroeconomic factor: Larry Fink, CEO of BlackRock, the world’s largest asset manager.
Related: BTC Price at All-Time High in July? 5 Things to Know About Bitcoin This Week
Pink reiterated his newfound “faith” in Bitcoin in a July 15 interview with CNBC, confirming that his thoughts on the technology have changed over the past five years.
“You know, I was a skeptic. I was a proud skeptic,” he told the network.
“And I studied it, and I learned about it, and I came back saying, ‘Okay, you know, five years ago I was wrong.’ Here’s what I’m saying today. This is what I believe today. I believe in today’s opportunity.'”
Fink added that Bitcoin in particular is “legitimate.”
BlackRock currently operates the world’s largest spot Bitcoin exchange-traded fund (ETF) by assets under management.
“It’s hard to overstate how big a deal it is that Larry Fink, who manages $10.6 trillion, continues to wholeheartedly support bitcoin as a legitimate asset class in his everyday portfolio,” Bloomberg ETF analyst Eric Balchunas said in response to the interview.
“Buying in other established firms like BlackRock and Fidelity would provide baby boomer advisors with the comfort and assurance they need to make allocations,” he wrote in X.
“So it would be, and will be, foolish in my opinion to argue against or minimize the early success of these ETFs, which anyone with eyes and a brain can see.”
This article does not contain any investment advice or recommendations. All investment and trading moves involve risk, and readers should conduct their own research when making decisions.