Recent market movements and expert commentary suggest there may be more to Bitcoin’s price fluctuations than meets the eye. While Bitcoin’s price dances around critical points, a prominent crypto analyst suggests the global giant, BlackRock, maybe playing puppeteer.
- BlackRock’s Hidden Hand?
Renowned crypto specialist, Crypto Rover, recently stirred the pot by suggesting that BlackRock might be strategically suppressing Bitcoin’s price. Instead of market dynamics alone, this intentional maneuver, Rover claims, is to allow industry titans like BlackRock itself to hoard Bitcoin at reduced rates.
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… https://twitter.com/rovercrc/status/1703879085103935970/photo/1
— Crypto Rover - September 18, 2023
The larger narrative ties in with the actions of the US Securities and Exchange Commission (SEC), which, instead of being solely regulatory, may be covertly slowing the crypto market’s pace to favor big players.
A Glimpse into SEC’s Playbook?
Backing up his argument, Rover pointed out the SEC’s recent relaxed stance, as evidenced by dismissing concerns raised against Grayscale. Such shifts in demeanor hint that the SEC might soon warm up to cryptocurrencies.
If that happens, clearer guidelines and nods for ETFs (Exchange-Traded Funds) could be in the offing. These changes, especially if tailored to benefit dominant players, might unleash a bull market, causing Bitcoin’s price to soar.
Bitcoin’s Current Market Scenario
At press time, Bitcoin price is trading at $26,830 facing a significant hurdle at $27,700. Current momentum, indicated by tools like the Relative Strength Index (RSI) and the Awesome Oscillator (AO), showcases a bullish sentiment. Should this momentum continue, Bitcoin might break past this resistance, possibly reaching the vicinity of $28,200.
A dream scenario? A leap over the supply domain of $29,500. But it isn’t sunny. Any decline from the $27,700 threshold might take Bitcoin on a southern detour, potentially pushing it below $26,600, where it grapples with a declining trendline.