BlackRock’s BTC ETF Bets Are Back — Is Bitcoin About to Explode Past $110K?

Description

Bitcoin dropped to $108,000 during European hours, down 1.4% on the day and below the ascending channel support. Despite $57.7 billion in 24 hour volume, failing to hold above $112,000 has triggered short term profit taking. The pullback coincides with macro uncertainty and a 2 hour bearish engulfing candle which is a sign of potential trend reversal. But beneath the surface institutional interest remains strong. BlackRock’s iShares Bitcoin Trust (IBIT) now has $20 billion in notional open inter...