Recent market movements and expert commentary suggest that there may be more to Bitcoin’s price fluctuations than meets the eye. A prominent crypto analyst, Crypto Rover, suggests that BlackRock, a global giant in the financial industry, may be strategically suppressing Bitcoin’s price to allow themselves to accumulate Bitcoin at reduced rates.
BlackRock’s Hidden Hand?
Crypto Rover’s claim has stirred speculation that BlackRock is manipulating Bitcoin’s price. This intentional maneuver, according to Rover, is not solely driven by market dynamics but rather a strategy to benefit industry titans like BlackRock. The suggestion is that they are taking advantage of lower prices to hoard Bitcoin.
Is BlackRock keeping the #Bitcoin price low on purpose?
It appears that BlackRock might be manipulating Bitcoin’s price. The SEC’s actions against the crypto market could be more than just about regulation. Their aim might be to slow the crypto market, allowing BlackRock and… pic.twitter.com/N3Ur3i1xJB
This narrative aligns with the actions of the US Securities and Exchange Commission (SEC), which may not only be focused on regulation but also covertly slowing down the pace of the crypto market to favor larger players.
A Glimpse into SEC’s Playbook?
Rover supports his argument by highlighting the SEC’s recent relaxed stance towards Grayscale, dismissing concerns raised against them. These shifts in demeanor suggest that the SEC may soon warm up to cryptocurrencies. If this happens, it could lead to clearer guidelines and support for Exchange-Traded Funds (ETFs), potentially benefiting dominant players and triggering a bull market that would drive Bitcoin’s price higher.
Bitcoin’s Current Market Scenario
Currently, Bitcoin is trading at $26,830 and faces a significant hurdle at $27,700. The Relative Strength Index (RSI) and the Awesome Oscillator (AO) indicate a bullish sentiment in the market. If this momentum continues, Bitcoin may break past the resistance at $27,700 and potentially reach around $28,200.
However, there is a possibility of a decline from the $27,700 threshold, which could push Bitcoin below $26,600 and into a declining trendline.
Hot Take: Is BlackRock Manipulating Bitcoin’s Price?
Recent speculation suggests that BlackRock may be intentionally suppressing Bitcoin’s price to accumulate more of the cryptocurrency at reduced rates. This theory aligns with the actions of the SEC, which some believe is covertly slowing down the crypto market to favor larger players like BlackRock. If the SEC warms up to cryptocurrencies and provides clearer guidelines and support for ETFs, it could trigger a bull market that drives Bitcoin’s price higher. Currently, Bitcoin faces a significant hurdle at $27,700 but shows bullish momentum. However, a decline from this threshold could push Bitcoin into a declining trendline below $26,600.
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