BlackRock: Bitcoin Bull Thesis Remains Unshaken

BlackRock's Head of Crypto recently told Bloomberg that the Bitcoin bull thesis remains intact. This statement implies that despite current market conditions, the long-term outlook for BTC is still positive. The $IBIT buyers are holding onto their investments for the long term.

The price of BTC currently trades at $64,120.52 within a bearish structure defined by two key moving averages (EMAs): EMA50 at $64,520.93 and EMA200 at $63,774.85. The MACD is -14.55, indicating a death cross.

The price of BTC has tested the lower Bollinger band support at $64,199.13, while the Relative Strength Index (RSI) sits at 39.06, suggesting short-term volatility exhaustion before any sustained move higher.