Bitcoin holds $30,500 and has high hopes for BlackRock´s ETF

The cryptocurrency market starts the week with declines. In the last 24 hours, digital assets, with Bitcoin (BTC) paving the way, have fallen by 1%. However, the reigning cryptocurrency manages to hold $30,500, while Ethereum (ETH) remains close to $1,900.

In just a few days, the market has completely done a 180. After a rather negative May and a June that looked like it would continue in this trend, the last week saw Bitcoin rise by around 15% following multiple proposals to create BTC exchange-traded funds (ETFs), with BlackRock, the world's largest asset manager, at the forefront of these initiatives. Likewise, the agreement between Binance and the Securities and Exchange Commission (SEC) to avoid freezing the assets of the U.S. subsidiary of the world's largest exchange has also pleased the markets.

Naeem Aslam, chief investment officer of Zaye Capital Markets, points out that a large part of this rally is due to BlackRock. According to the expert, the firm led by Larry Fink has been a supporter of the reigning cryptocurrency and, although some lukewarmness was expected on its part after the measures taken by the SEC, the creation of this Bitcoin ETF "shows that not only does the institute have faith in the digital gold, but it actually still sees a huge opportunity in it as clients are still demanding Bitcoin or they want to take advantage of Bitcoin’s current price, which is nothing but a bargain."

For his part, Joe DiPasquale, CEO of BitBull Capital, stressed that the Bitcoin rally has boosted other alternative assets, although he noted that it is highly likely that the market will remain volatile in the coming weeks.

Some analysts also point to JP Morgan's completion of the first blockchain transaction in euros for its corporate clients with its native JPM Coin token as a positive catalyst. The bank has used it to process around $300 billion in transactions since its launch. By comparison, JPMorgan processes nearly $10 trillion in payments overall on a daily basis, according to 'Bloomberg' estimates.

According to the technical side, César Nuez, technical analyst at Bolsamanía, highlights that Bitcoin has provided a "good signal" after overcoming the top of the bearish channel in which it had been moving since the annual highs of April.

"The end of the correction is confirmed and it seems very likely that we could end up seeing an extension of the rises to this year's highs drawn at $31,200. Its performance at these prices is very important. If it manages to surpass them, it is very likely that a change in trend will be confirmed, which could end up catapulting its price to the $40,000 level," he explained. Below this level, the support to watch is at $24,745, the lows reached two weeks ago.

In the rest of the market, the main altcoins are following Bitcoin's example. Tron (TRX) and Polkadot (DOT), two of the few tokens that seem to maintain a positive tone, are particularly noteworthy.