Bitcoin Opens Week Defending $30K Support Level

A bitcoin ETF is the only thing on the market’s mind.
BlackRock CEO Larry Fink’s embrace of bitcoin – an about-face for the finance executive – is dividing analysts and the industry at large.
“So-called mainstream adoption will bring waves of new entrants to bitcoin, and the risk is that they won’t care, and won’t protect the decentralization properties that make it valuable over centralized alternatives in the first place,” Alex Thorn, head of research at Galaxy, wrote last week in his report.
But the market, at large, doesn’t seem to mind, not caring about the nuances of decentralization.
The world’s largest digital asset continues to defend the $30,000 mark, opening Asia’s trading week at $30,171. Ether is also holding above $1,800, trading at $1,863.
“In a largely uneventful week, we saw bitcoin trending downward to test support levels near $30K,” BitBull Capital’s Joe DiPasquale said in a note to CoinDesk. “However, the market leader managed to defend the key level despite news of the SEC calling ETF filings inadequate.”
BlackRock has refiled its application, and DiPasquale says the market awaits more clarity around this development.
“We still maintain that continued trading above $30K will see more attempts to go higher. Meanwhile, $27K remains a strong support for now,” he said.

Looking ahead to later this week, the market will have its eye on inflation numbers and jobless claims, two figures that the Fed will consider when making its next moves on rates. Expect crypto to trade accordingly.