Bitcoin Price Analysis: BTC Hits $66,000 Resistance as BlackRock CEO Compares It to Gold
Bitcoin, the leading cryptocurrency, has reached a major hurdle at the $66,000 level, encountering strong resistance that has slowed down its upward momentum. Traders and investors are closely watching for a potential breakout or a bearish correction as the price remains near this critical level.
Notable figures in the financial industry, such as BlackRock CEO Larry Fink, have recognized Bitcoin’s significance as an asset class and have compared its investment potential to that of gold. During BlackRock’s Q3 2024 conference call, Fink emphasized that Bitcoin’s growth will be driven by liquidity and broader adoption, rather than regulatory changes. He also highlighted the strong investor interest in BlackRock’s Bitcoin ETF, which has already attracted $23 billion in inflows.
Fink further predicted that blockchain and artificial intelligence will reshape global financial markets, highlighting the promising performance of BlackRock’s Ethereum ETF. With BlackRock’s endorsement and increasing institutional acceptance, Bitcoin is likely to attract more investors, leading to potential price increases in the future.
In Japan, investment firm Metaplanet has added 108.78 BTC, worth $6.9 million, to its Bitcoin holdings, bringing its total to $40.5 million. Since implementing its Bitcoin acquisition strategy earlier this year, Metaplanet’s stock has surged by over 532%. The firm has also earned additional Bitcoin through selling put options. This move reflects the growing institutional interest in cryptocurrencies in Japan, which is expected to drive up demand and potentially boost Bitcoin’s price.
According to Galaxy Research, Kamala Harris, the Vice President of the United States, is more supportive of cryptocurrencies than President Joe Biden but falls behind former President Donald Trump. Harris aims to improve regulations for crypto companies but holds negative views on Bitcoin mining, self-custody, and taxes. In contrast, Trump strongly supports Bitcoin mining and self-custody, with the goal of making the U.S. a leader in the crypto industry. The stances of both candidates could influence future market sentiment.
From a technical perspective, Bitcoin is currently facing a significant resistance zone near $66,237, characterized by a triple-top pattern. The formation of a tweezer’s top pattern suggests a potential bearish correction if the price fails to break above this level. Although the short-term momentum remains bullish, failure to overcome the key resistance could lead to further selling pressure. Immediate support levels are identified at $64,421, $63,635, and $62,143, while a breakout above $66,237 could signal a bullish trend towards the next resistance at $67,310.
In conclusion, Bitcoin’s price is at a critical juncture as it encounters strong resistance at $66,000. The endorsement from BlackRock’s CEO, along with institutional interest in Japan, indicates a growing acceptance of Bitcoin and the potential for future price increases. Additionally, the stances of political figures such as Kamala Harris and Donald Trump on cryptocurrencies could shape market sentiment. Traders and investors should closely monitor the price action and key support and resistance levels to make informed decisions.
