BTC price demands $63K flip as BlackRock CEO calls Bitcoin ‘legitimate’

BTC price gains from the weekend hold firm as Larry Fink confirms that he is no longer a Bitcoin “skeptic.”

• Bitcoin (BTC) battled $63,000 at the July 15 Wall Street open as traders looked for signs of further upside.
• Data from Cointelegraph Markets Pro and TradingView showed bulls holding firm as daily gains totaled 3.5%.
• Now up 10% since the start of the weekend, Bitcoin spawned fresh hopes of a full return of the bull market after weeks of sideways action punctuated by liquidation cascades downward.

BTC price downtrend “over” — analyst

Bitcoin $BTC could be unfolding its often-repeated Hump…Slump…Bump…Dump…Pump chart construction,” popular trader Peter Brandt suggested on X (formerly Twitter), referring to the length of the corrective phase. Others were more decisive about BTC/USD making a firm break with its prior behavior, among them popular trader and analyst Rekt Capital.

BlackRock’s Fink doubles down on Bitcoin commitment

Beyond markets themselves, Bitcoin bulls had a fresh boost on the day from a now familiar macro source: Larry Fink, CEO of the world’s largest asset manager, BlackRock. In an interview with CNBC on the day, Fink reiterated his newfound “belief” in Bitcoin, confirming that he had changed his mind on it in the last five years.

“As you know, I was a skeptic; I was a proud skeptic,” he told the network. Fink added that Bitcoin specifically was “legitimate.” BlackRock currently operates the world’s largest spot Bitcoin exchange-traded fund (ETF) by assets under management.

Reacting to the interview, Bloomberg ETF analyst Eric Balchunas said that it is “hard to overstate how big a deal it is for Larry Fink, who runs $10.6T, to keep giving these full throated endorsements of bitcoin as legit asset class for everyday portfolios.”

“Buy in from BlackRock – as well as other legacy firms like Fidelity – gives boomer advisors comfort and cover to make the allocation,” he wrote on X.