BTC Faces Resistance at $66K — Will the Rise Continue?
Approaching $66,000, the Bitcoin ( BTC ) price is facing strong resistance due to the triple top formation that slows the bullish momentum.
While this key level is maintained, market participants are closely watching whether a breakout or a potential correction will occur.
The views of prominent industry figures such as BlackRock CEO Larry Fink and institutional activity such as the investment of Japanese company Metaplanet show that Bitcoin has an increasingly important position as an important financial asset.
BlackRock CEO Larry Fink Likened BTC to Gold
BlackRock CEO Larry Fink said that Bitcoin is an important asset class and likened its investment potential to the investment potential of gold. Speaking at BlackRock’s 2024 Q3 conference call, Fink said that liquidity and widespread use will be effective in Bitcoin’s growth rather than regulatory changes.
He also noted that there is strong investor demand for the BlackRock Bitcoin ETF, which has already seen $ 23 billion in inflows.
Fink drew attention to the promising performance of the BlackRock Ethereum ETF and said that blockchain and artificial intelligence will reshape global financial markets.
With the support of BlackRock, Bitcoin continues to gain more acceptance among institutional investors and has the potential to attract more investors. This increased demand could boost Bitcoin’s price in the coming months.
Key Highlights
BlackRock Bitcoin ETF recorded inflows of $23 billion.
Fink thinks blockchain and artificial intelligence will transform financial markets.
Institutional investors’ interest in Bitcoin may lead to further price increases.
$ 6.9 Million Bitcoin Purchase from Metaplanet
Japanese investment company Metaplanet bought 108.78 BTC worth 1 billion Japanese yen ($ 6.9 million). Thus, the company’s Bitcoin portfolio reached 639.50 BTC worth $ 40.5 million.
Since Metaplanet began pursuing a Bitcoin purchase strategy earlier this year, its share price has increased by more than 532%. In addition, the company sold 223 Bitcoin put options with a strike price of $ 62,000, earning a premium of 23.97 BTC.
Metaplanet’s move shows that institutional interest in cryptocurrencies is increasing in Japan. As institutional investors’ confidence in Bitcoin increases, demand is expected to increase, potentially driving the Bitcoin price higher.
Highlights
Metaplanet bought 108.78 BTC. It currently owns $40.5 million worth of Bitcoin.
The company’s stock has appreciated 532% since it launched its Bitcoin strategy.
Increasing demand in Japan could drive the Bitcoin price higher.
Galaxy Research: Harris More Crypto-Friendly Than Biden
According to Galaxy Research, Kamala Harris supports cryptocurrencies more than US President Joe Biden, but lags behind Donald Trump. Harris aims to improve regulations for crypto companies but has unfavourable views on Bitcoin mining, individual control and taxes.
In contrast, Trump aims to make the US a leader in crypto by supporting Bitcoin mining and individual control.
While Harris’s proposals for higher capital gains taxes are likely to affect crypto investments, Trump’s pro-Bitcoin stance may affect market sentiment through his policies.
