- Recent market movements and expert opinions suggest that Bitcoin’s price fluctuations may have something more than meets the eye.
- Prominent crypto expert Crypto Rover is fueling a debate by suggesting that BlackRock could be strategically suppressing Bitcoin’s price.
- While supporting his claim, Rover pointed out the recent lenient attitude, such as the SEC dismissing concerns against Grayscale.
Could it be that BlackRock is constantly suppressing the Bitcoin price by keeping it within a certain range?
Is BlackRock Interfering with Bitcoin?
Recent market movements and expert opinions suggest that Bitcoin’s price fluctuations may have something more than meets the eye. As Bitcoin’s price hovers around critical levels, a leading crypto analyst suggests that global giant BlackRock could be a game-changer.
Prominent crypto expert Crypto Rover is fueling a debate by suggesting that BlackRock could be strategically suppressing Bitcoin’s price. Rover claims that this intentional maneuver is solely to allow market dynamics to let industry giants like BlackRock accumulate Bitcoin at lower prices.
The bigger narrative is consistent with the actions of the U.S. Securities and Exchange Commission (SEC), implying that the SEC, instead of just being a regulator, could be secretly slowing down the pace of the crypto market in favor of major players.
While supporting his claim, Rover pointed out the recent lenient attitude of the SEC, such as dismissing concerns against Grayscale. Such behavioral changes seem to suggest that the SEC might be warming up to cryptocurrencies in the near future.
If such a scenario were to unfold, clearer regulations and approvals for ETFs (Exchange-Traded Funds) could follow. These changes, if tailored to benefit dominant players, could unleash a bull market that might cause Bitcoin’s price to rise.
Current Market Status of Bitcoin
As of the current price, Bitcoin is facing a significant hurdle at $27,700 and is trading around $27,130. The current momentum indicated by tools like the Relative Strength Index (RSI) and Awesome Oscillator (AO) shows a bullish market sentiment. If this momentum continues, Bitcoin might likely surpass this resistance and reach around $28,200.
Is this a dream scenario? To surpass the supply zone at $29,500. However, the skies are not entirely clear. Any drop from the $27,700 threshold could potentially push Bitcoin below $26,600, where it encounters a descending trendline.
