Bitcoin price started a steady increase above the $85,500 zone. BTC is now correcting gains from $88,750 and might find bids near $86,500.

• Bitcoin started a decent recovery wave above the $85,000 zone.
• The price is trading above $86,500 and the 100 hourly Simple moving average.
• There is a connecting bullish trend line forming with support at $86,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another increase if it clears the $87,500 and $88,000 levels.

Bitcoin Price Regains Traction

Bitcoin price remained stable above the $83,200 level. BTC formed a base and recently started a recovery wave above the $85,500 resistance level.

The bulls pushed the price above the $88,000 resistance level. However, the bears were active near the $88,800 resistance zone. A high was formed at $88,750 and the price corrected some gains. There was a move below the $88,000 level.

The price dipped below the 23.6% Fib retracement level of the upward move from the $83,665 swing low to the $88,750 high. Bitcoin price is now trading above $86,200 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $86,800 on the hourly chart of the BTC/USD pair.

On the upside, immediate resistance is near the $87,200 level. The first key resistance is near the $87,500 level. The next key resistance could be $88,000.

A close above the $88,000 resistance might send the price further higher. In the stated case, the price could rise and test the $88,800 resistance level. Any more gains might send the price toward the $89,500 level or even $90,000.

More Losses In BTC?

If Bitcoin fails to rise above the $87,500 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $86,800 level and the trend line. The first major support is near the $86,200 level or the 50% Fib retracement level of the upward move from the $83,665 swing low to the $88,750 high.

The next support is now near the $85,500 zone. Any more losses might send the price toward the $85,000 support in the near term. The main support sits at $84,500.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $86,800, followed by $86,200.

Major Resistance Levels – $87,500 and $88,000.

BlackRock, the world’s largest asset manager, is launching its first Bitcoin ETP (exchange-traded product) in Europe, expanding its presence in the crypto investment space.

This move follows the success of its US-listed spot Bitcoin ETF, the iShares Bitcoin Trust (IBIT), which has accumulated $50.6 billion in assets under management (AUM).

BlackRock to List Bitcoin ETP in Europe

The new iShares Bitcoin ETP will be available for trading on Xetra and Euronext Paris under the ticker IB1T and on Euronext Amsterdam as BTCN.

The expansion into Europe marks BlackRock’s first crypto-backed ETP offering outside North America. This suggests growing institutional interest in digital assets.

To encourage early adoption, BlackRock is offering a temporary fee waiver, reducing the expense ratio of the ETP to 0.15% until the end of the year. This makes the product one of the most cost-effective Bitcoin ETPs in the European market. It could attract both retail and institutional investors looking for exposure to digital assets at a competitive price.

Europe has been a pioneer in crypto ETPs, with over 160 digital asset-tracking products available. However, its overall market size remains relatively small compared to the US.

Bloomberg ETF analyst Eric Balchunas pointed out that US spot Bitcoin ETFs dominate the global market. Specifically, the US holds approximately 91% of total assets despite being introduced only a year ago.

“Europe barely on leaderboard of spot bitcoin ETFs by size. US spot ETFs only year old and have 91% share of world,” Balchunas said in a February post.

Balchunas also noted that Europe has struggled to compete with the US in terms of liquidity and cost efficiency. He speculated that BlackRock’s entry into the European market could provide a significant boost. Specifically, the asset manager could replicate the cost-effectiveness and trading volume seen in the US.

“If BlackRock brings even some of the US Terrordome over there, it should see success, although Europeans are generally less into ‘hot sauce’ than US and certain Asian investors,” he added.

Notwithstanding, BlackRock’s Bitcoin ETP in Europe is a game-changer for institutional adoption. As access broadens, it could increase BTC demand.

Despite the news, however, the impact on Bitcoin’s price remains muted. BTC was down by 0.55% in the last 24 hours. As of this writing, Bitcoin was trading for $86,601.

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