BlackRock Says Bitcoin Can 'Revolutionise Finance'

BTC Holding Near HighsBitcoin futures are holding just below the year’s highs as we move through the European morning on Thursday. After a deep correction lower from the initial YTD highs in April, the market has since recovered firmly and is now sitting in a holding pattern, looking poised for an imminent breakout. One of the key drivers behind the rally in BTC recently has been news of BlackRock applying to the SEC to launch a Bitcoin ETF. The support of a heavyweight financial name has strengthened retail conviction in the asset and ushered in a new wave of institutional interest.Bullish OutlookSpeaking this week, BlackRock CEO Larry Fink said that the firm believes bitcoin can “revolutionise finance” and offers a strong alternative to “investing in gold as a hedge against inflation.” With BlackRock throwing its support behind bitcoin, the view held by bulls is that increased demand will help propel prices higher over the end of the year as the Fed eventually completes its projected tightening campaign. With the Fed projecting a slower pace of tightening (only 1 or 2 more hikes planned), BTC traders are eyeing a shift in market dynamics which should help drive the next bull phase.Technical ViewsBTCFollowing the breakout above the corrective bear channel, the market has since traded up to the 32185 level resistance where price is currently stalled. With momentum studies positive and price holding for now, focus remains on an eventual break higher here and a move towards the 37030 level next. To the downside, 27415 is the next support to note.