The crypto market saw a significant rise on Friday, mainly thanks to a positive announcement from BlackRock. Bitcoin (BTC), one of the big winners in this news, rose 6.7%, which could signal a resumption of the bull run.
Bitcoin (BTC) bounces off key support
After falling 20% from its yearly high of $31,000, the crypto queen saw a major rebound on Thursday. This upward trend continued on Friday, allowing bitcoin (BTC) to close the week around $26,500. The announcement of BlackRock, which plans to launch a Bitcoin ETF in the United States, mainly stimulated this increase. This news effectively revived investor optimism and led to a positive reaction in the cryptocurrency markets.
The 6.7% rise could also mark the start of an annual bull run. Indeed, this positive reaction comes after the price of bitcoin (BTC) touched a key support level at $25,200. However, BTC will need to overcome several resistance levels before the bull market recovery can be confirmed.
First of all, the June opening price at $27,124 will be the first hurdle to clear. This level also matches the 50-day moving average, making it a critical resistance. If this resistance is broken, the next level to cross will be the $28,433 area, which would mark a change in the long-term trend.
The right time to buy?
It might be opportune to take a buy position given the bullish reaction of bitcoin (BTC). Moreover, the buy position suggested in the June 12 analysis is currently in the green. The current market setup favors long positions, with the first target being the June opening price at $27,124.
With this in mind, levels below half of the prior week’s range appear to be an attractive buy zone. If the price drops below Thursday’s low of $24,824, this bullish bitcoin (BTC) assumption will be invalidated.
Entry points: $25,455;
Stop level: $24,824;
Goal 1: $27,124;
Goal 2: $28,433.
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