Bitcoin Price Analysis: BTC Hits $66,000 Resistance as BlackRock CEO Compares It to Gold

Bitcoin Cryptocurrency

Ad Disclosure

Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More

Crypto Writer

Arslan Butt

Crypto Writer

Arslan Butt

About Author

Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

Author Profile

Share

Copied

Ad Disclosure

Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More

Last updated: 

October 14, 2024

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Bitcoin price has recently stalled near $66,000, facing strong resistance due to a triple-top pattern, which has slowed its upward momentum.

As this key level continues to hold, market participants are watching closely for a breakout or potential bearish correction.

Insights from notable figures like BlackRock CEO Larry Fink, and institutional actions like Japan’s Metaplanet acquisition, further emphasize Bitcoin’s growing status as a key financial asset.

BlackRock CEO Larry Fink Sees Bitcoin as a Key Asset Class, Comparable to Gold

BlackRock CEO Larry Fink has acknowledged Bitcoin as a significant asset class, comparing its investment potential to that of gold. During BlackRock’s Q3 2024 conference call, Fink stressed that Bitcoin’s growth will be driven by liquidity and broader usage, rather than regulatory changes.

He also noted strong investor interest in BlackRock’s Bitcoin ETF, which has already attracted $23 billion in inflows.

Fink further highlighted the promising performance of BlackRock’s Ethereum ETF and predicted that blockchain and artificial intelligence will reshape global financial markets.

With BlackRock’s endorsement, institutional acceptance of Bitcoin continues to rise, potentially attracting more investors. This growing demand could boost Bitcoin’s price in the coming months.

Key Points:

• BlackRock’s Bitcoin ETF attracted $23 billion in inflows.
• Fink predicts blockchain and AI will transform financial markets.
• Institutional interest in Bitcoin may drive future price increases.

Japan’s Metaplanet Boosts Bitcoin Holdings to $40.5M with $6.9M Acquisition

Japanese investment firm Metaplanet has added 108.78 BTC, valued at ¥1 billion ($6.9 million), to its Bitcoin holdings, bringing its total to 639.50 BTC, or $40.5 million.

Since adopting its Bitcoin acquisition strategy earlier this year, Metaplanet’s stock has surged by over 532%. The firm also earned 23.97 BTC in premiums by selling 223 Bitcoin put options with a $62,000 strike price.

Metaplanet’s move reflects growing institutional interest in cryptocurrencies in Japan. As institutional confidence in Bitcoin rises, demand is expected to increase, potentially boosting Bitcoin’s price.

Key Points:

• Metaplanet adds 108.78 BTC, now holding $40.5 million in Bitcoin.
• The firm’s stock is up 532% since its Bitcoin strategy began.
• Rising institutional demand in Japan could drive Bitcoin prices higher.

Galaxy Research: Harris More Crypto-Friendly Than Biden, But Trump Leads on Bitcoin

According to Galaxy Research, Kamala Harris is more supportive of cryptocurrencies than President Joe Biden but trails Donald Trump. Harris seeks 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, aiming to make the U.S. a leader in crypto.

Harris’ higher capital gains tax proposals may impact crypto ownership, while Trump’s pro-Bitcoin stance could positively influence market sentiment if his policies gain traction.

Key Points:

• Harris supports crypto regulations but opposes Bitcoin mining and self-custody.
• Trump is more bullish, backing Bitcoin mining and self-custody.
• Both candidates’ stances could shape future crypto market sentiment.

Bitcoin Price Analysis: Technical Outlook

Bitcoin has encountered a significant resistance zone near $66,237, marked by a triple-top pattern, which is limiting upside momentum. The formation of a tweezer’s top pattern just below this resistance suggests a potential bearish correction.

Currently, Bitcoin is trading above its 50-day EMA at $63,635, indicating that while short-term momentum remains bullish, failure to break above the key resistance could trigger further selling pressure.

Immediate support is seen at $64,421, with stronger supports at $63,635 and $62,143. If Bitcoin breaches the $66,237 resistance, we may see a bullish breakout towards the next resistance at $67,310.

Key Insights:

• Resistance: $66,237 (Triple top), $67,310
• Support: $64,421, $63,635
• RSI: 71.03, signaling overbought conditions

In conclusion, a break above $66,237 could extend Bitcoin’s bullish trend, while failure to do so may lead to a deeper correction.

–

Another Meme Coin Gaining Attention: Meme Bets (MEMEBET)

Meme Bets (MEMEBET) is quickly emerging as a notable player in the meme coin space, with a unique focus on utility. Designed for use in a crypto casino, MEMEBET allows users to place bets using popular meme coins. This innovative concept has caught the attention of analysts, leading to heightened interest in the project.

So far, Meme Bets has raised over $460,000 in its presale, signaling strong investor confidence. Its goal is to be the first crypto casino to fully integrate meme coins, offering a fresh take on both crypto betting and meme coin utility.

Crypto analysts have started to notice MEMEBET’s potential, with some speculating on a 100x growth. In this video, Crypto Chester provides a detailed analysis and highlights why MEMEBET could be one of the top three meme coins to watch.

Buy & Bet $MEMEBET for Airdrop Rewards!

Hurry, with just less than 24 hours until the next price increase, you can still grab $MEMEBET at $0.0258. Join the presale and secure your place for a chance at airdrop rewards!

Buy Memebet Token Here