Hassan Maishera
TL;DR
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Bitcoin is looking bearish at the moment despite comments by BlackRock’s CEO.
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Market experts believe that the crypto market could experience positive times ahead if Bitcoin can stay between the $28k and $31k region over the next few months.
Bitcoin Likely To Retrace Towards $30k
The cryptocurrency market has recorded losses for the second-consecutive day this week. Bitcoin, the world’s leading cryptocurrency by market cap, has lost more than 1% of its value over the last 24 hours and is now trading just below the $30,500 region.
At press time, the price of Bitcoin stands at $30,464 and could drop towards the $30k level in the near term.
The negative performance comes despite BlackRock CEO’s bullish Bitcoin comment. Larry Fink, the CEO of BlackRock, the world’s largest asset management firm, stated that he believes Bitcoin could revolutionize the global financial ecosystem.
With Bitcoin going down, the broader cryptocurrency market has also underperformed over the last 24 hours. The total cryptocurrency market cap now stands at $1.19 trillion, down by 1.5% in the last few hours.
Ether, the second-largest cryptocurrency by market cap, has also lost more than 1% of its value in the last few hours but continues to trade above the $1,900 mark.
