The cryptocurrency market started the weekend on a green note. Developments surrounding the agenda included the SEC-Binance lawsuit, Bitcoin whale transactions, and most notably BlackRock’s ETF filing. How effective was this news in the rise of June 17? Santiment answers…
How responsible is BlackRock news for the green moves of the day?
On June 17, the total value of the crypto market surged from the $975.25 billion low seen two days ago. In a short time, it grew by more than 2% and reached $1.05 trillion. BTC and ETH spent the day on a green note of over 3%. Ethereum, in particular, has gained over 9% in the last two days. Giants such as SOL, ADA and MATIC, which were hit by the SEC case, recovered between 8-15%.
Blackrock Bitcoin ETF news
In addition to the technical leap, growing speculation about the first Bitcoin ETF approval in the US has helped the crypto market bounce. The ETF application made by the world’s largest asset manager in June 2022 was rejected. The company’s stepping back in this direction has attracted around 4.5% volume to the crypto market. Crypto analyst Lark Davis speculates that an SEC approval could enable an asset manager to buy every single Bitcoin available on crypto exchanges:
of bitcoin [50 milyar dolar değerinde] only about 10% remain on exchanges. 0.5% of BlackRock money moved to BTC can buy each available coin.
What does the Santiment data say?
Social volume data shared by on-chain analytics platform Santiment showed that conversations about Blackrock have been exploding lately. However, among the top developments on social media, the ETF was featured. cryptocoin.com As we have reported, the Blackrock ETH news had its effect in the first hours.
Santiment also noticed an increase in whale transactions under $1 million during the recent rise. In the hours when Bitcoin surpassed $26,000, whale transactions hit the highest level since the week of March 17.
What does technical analysis say about the outlook?
From a technical perspective, it shows that the crypto market has been in a bull flag pattern since April 2023. The recovery trend in the TOTAL chart raises the possibility of continuing to $1.37 trillion (35% up from current valuations) in the second half of 2023.
Conversely, the bears will try to push the market cap below the lower trendline of the bull flag. So they will run the risk of completely invalidating the ascension pattern. In this bearish scenario, the crypto market could drop towards the next major support of $875.50 billion, a key level from the June-November 2022 and March 2023 sessions.
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