Bitcoin reached a new ATH close to $93,500 and is consolidating above $91,000. The bears are failing to squeeze gains, probably due to less volume, which suggests the next bullish move is fast approaching. After the launch of the Bitcoin ETF, Blackrock’s BTC holdings witnessed a massive surge, reaching 472K. Now Blackrock’s ETF options are going live in the next 24 hours, which is expected to impact the BTC price rally.
Blackrock’s iShares Bitcoin Trust, or iBIT, has over $43 billion in AUM, and ETF trading volumes surged heavily after the U.S. election results. With the options for the spot BTC ETF going live, some see it as the most bullish thing for the markets, while others feel Bitcoin will become less decentralised after this move
Till now, the bulls, whales, or market makers have had a significant role in determining the value of the crypto. However, since the launch of BTC ETF, institutions are looked at as the major players. Now that the options are going live, the big banks may also enter and probably short Bitcoin & control its price, as they are reportedly doing with the prices of silver. This raises the concern of Bitcoin becoming less decentralised over time, paving the way for manipulation and causing trillions in liquidations.
The selling pressure is slowly mounting over the BTC price but it has not completely outperformed the buying pressure. This suggests the bullish scenario continues to remain in play and hence the expectation of reaching $100K in November still has grounds. The token is an inch away from creating a history, which could happen anytime from now.
In the short term, the price appears to be heading towards a small pullback, but the long-term trade remains under the bullish range, indicating the start of the fresh ascending trend could be nearby.
The BTC price maintained a steep ascending trend after the recent rebound from the interim lows. Although the bulls have fallen weak, they do hold a tight grip over the rally, suggesting a strong raise could be approaching. The price has maintained above the bull market support bands, which have displayed a bullish crossover, indicating the rally is within a bullish phase. Secondly, the RSI is yet to enter the overbought region and only after that does the price start falling apart.
Therefore, the Bitcoin (BTC) price rally reaching $100,000 is pre-programmed but it may also face a huge bearish activity after rising above the milestone.
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