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The Rise of Bitcoin: The Role of BlackRock, ETFs and Coinbase

Bitcoin has experienced a remarkable resurgence following the approval of Bitcoin ETFs, and one of the main beneficiaries of that revival has been Coinbase, whose share price is closely correlated to the leading cryptocurrency. This development boosted Coinbase's price by 57% in the last quarter, resulting in an incredible 64% increase in transaction revenue to $529.3 million. These solid gains are attributed to the SEC's approval of ETFs, CNA Asia reported. Further gains are expected in the cryptocurrency market, especially with BlackRock's ETF emerging as a major player, with 111,000 Bitcoins since its approval and accumulating $5 billion in assets.

Bitcoin's current price dynamics indicate that a highly organized, deliberate and institutionalized market structure is being generated, giving fuel to Bitcoin's resurgence as a powerful institutional investment tool. From a technical standpoint, BTCUSD has formed a sideways channel since the breakout at $35,603 in early November, which was recently pierced on February 13, followed by a return to a narrower sideways range. This pattern suggests orchestrated strong hand intervention, driving the price building trajectory higher gradually, in line with the aforementioned developments.

Bitcoin's previous high at $64,899 indicates a possible trajectory towards recovery from that price level. The RSI divergence, currently at 64.16%, suggests ample room for further upside potential, reinforcing the idea of a sustained uptrend. The Checkpoint (POC) currently stands at $43,030, roughly at the midpoint of the channel observed prior to the breakout, implying a possible correction towards this level to establish a stable price base for institutional accumulation.That price zone could for a season be an area of movement for the cryptocurrency.

Ion Jauregui - AT Analyst



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