14. June 2024

Bitcoin Price Reaches New Yearly Highs at $31.5K, Analysts Bullish

• Bitcoin (BTC) price has risen back to $31.5K, with the cryptocurrency hitting new yearly highs.
• Analysts warn of a “predatory range” forming, while Larry Fink calls it an “international asset” and BlackRock files for a Bitcoin ETF.
• Popular traders are optimistic that the current consolidation is bullish and supply zones will be overcome.

Bitcoin Reaches New Yearly Highs

Bitcoin (BTC) price has rebounded to $31.5K, hitting new yearly highs as bulls stampede past resistance levels. Market analysts have warned investors of a potential “predatory range” forming, however popular traders remain optimistic about the ongoing consolidation above key support levels.

BlackRock CEO Calls Bitcoin an International Asset

The surge in BTC prices comes after Larry Fink, CEO of largest global asset manager BlackRock, called Bitcoin an “international asset” during a live interview and listed several advantages associated with it. BlackRock also filed for the United States’ first Bitcoin spot-price exchange-traded fund (ETF) this week.

Analysts Warn of Predatory Range

Financial commentator Tedtalksmacro warned that derivatives traders could yet influence short-term market direction, noting the formation of what he called a “predatory range” on charts. However John Wick argued there was nothing to fear from such extended consolidation near yearly highs and expected supply zones to be overcome soon enough by bullish momentum.

Traders Remain Optimistic

Michaël van de Poppe, founder and CEO of trading firm Eight, remained optimistic about BTC’s prospects despite warnings from other analysts. He expects long entries to be filled soon and suggested that breaking & flipping $30.8K should result in fast upwards momentum while retesting $30.3K would offer another attractive buying opportunity for longs again..

Conclusion

Overall sentiment remains positive amongst some of the biggest traders in the industry as BTC continues its bull run towards all-time highs in 2021. Despite warnings from commentators about a potential predatory range forming on charts, most analysts expect BTC price will continue to grind upwards in the days ahead following its recent bounce off key support levels