Bitcoin collapses through its 60K support, as the Blackrock "put" appears breached, it is all about risk aversion and geopolitical. BTC is not a safe haven, and a larger deleveraging/liquidation of the speculative asset cannot be ruled out.
(Chart 1)
(Chart 2)
Despite the free market paleolibertarian, Trump-esque and yes conspiracy theorist love for Bitcoin (BTC) as some peer-to-peer money market of unregulated mythology, that fact is mega fund Blackrock has had a significant impact on the crypto market. The reality, BTC is no more or less just another marketable financial product. And Blackrock, which is the largest holding company in the world with a global workforce of just 9000 people (one has to be cynical. Right?), drew the psychological line under the BTC price in February 2024 at 60000, when the fund amassed over $3 Billion towards an emerging and speculative $7 billion Crypto Exchange Trading funds (ETFs) market. Designed as an offer to other funds, to be that portfolio derivative or hedge in what was the tech and NASDAQ bull market rally of 2024.
All the while, pundits of crypto have been calling for it as a safe haven, which is simply not the case. In fact BTC is extremely susceptible to sell offs and wild swings in volatility, apart from Blackrock's attempt at creating its "put" at 60000, the demand for speculation can be, if one is inclined to draw the dots, traced back to the Federal Reserve's cheap money premise of low interest rates and affordable margin loans. Thus, encouraging speculation as a last minute liquidity driver which your pension funds will see, you may not. In the meantime and its harsh reality, BTC and crypto still have to abide by uncertainty and economic shocks, since it is solely funded by U.S. Dollars, bank loans and Fed underwrites.
Please refer to Chart 1 of the BTC Futures, when in April 12th through to the 30th of April, due to geopolitical, BTC dropped from its upper trading range of 70000, as the USD and short end yields rallied, alongside other risk aversion asserts.
Chart 2, shows the BTC price with both Futures and the current spot price. As you can see, BTC has pieced the 60000 psychological support, selling below 59000, next supports/s are 54000 and 51000
Chart 3, a bonus chart of my study, a little messy I know. But, you get the gist.
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All BITCOIN analysis and commentary to date: chiasmusmagazine.blogspot.com/search/label/BTC
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