Blackrock Ignites Bullish Surge as Spot BTC ETF Launches: $28,000 Bitcoin Price Looms Large on the Horizon

After a difficult period, the cryptomarket has begun to show signs that it is recovering, largely due to BlackRock’s recent move. BlackRock, the world’s largest asset management firm, has filed for a Bitcoin Spot ETF at the U.S. Securities and Exchange Commission. This move has triggered a bullish wave in the crypto market.

If approved, the application for a Spot Bitcoin ETF named the iShares Bitcoin Trust could be a catalyst that boosts Bitcoin prices. This trust is designed to provide with a simple investment method for Bitcoin, reducing the need for direct Bitcoin acquisition, trading, and holding.

The price of Bitcoin has risen from $24,700 up to $25,500, despite the recent Fed interest rate decision. This is due to the new optimism that was sparked by BlackRock. Market data shows that Bitcoin’s value has risen by 2% in the past 24 hours. This is likely due to the new optimism and confidence the market has experienced.

The road to approval is not always smooth. The SEC , which traditionally has been cautious when it comes to approving a Spot Bitcoin Exchange Traded Fund, is currently involved in a legal dispute regarding Grayscale’s Grayscale Bitcoin Trust becoming an ETF. This dispute will have an impact on BlackRock’s application.

Bitcoin’s current price, which is just over $25,500, is a response to BlackRock. Trading signals such as the Moving Average Convergence Differenciation (MACD), indicate that investors may be looking to take long positions in Bitcoin. This indicates a positive sentiment in the market, with traders betting that the price will continue to rise into the weekend and may even push it towards $28,000.

It is important to remember that the technical structure of the market remains fragile despite Bitcoin’s recent rise. Traders should be on the lookout for potential bull traps, especially if $26,000 resistance remains intact. In contrast, the short-term support level of $25,400 should be maintained in order to minimize the chances of a bearish rebound. The next buyer’s congestion is at $24,700. This level will determine whether Bitcoin falls to $20,000, or continues on its bullish trajectory toward $28,000.