BlackRock-Linked Transfer Sparks Speculation as Bitcoin Struggles to Recover

Bitcoin's downward pressure continues as it struggles to reclaim key technical levels. At $61,024, BTC has lost 2.68% in the past 24 hours with a daily trading volume of 36.22 billion dollars and a market capitalization of 1.23 trillion dollars.

Crypto analyst Michaël van de Poppe notes that Bitcoin's next move hinges on forming a higher low, a critical technical signal. If this scenario plays out, the price could rebound above significant resistance levels.

The conditions for a potential recovery include reclaiming the 21-day simple moving average and breaking above $65,000. Van de Poppe's analysis suggests that if these conditions are met, sell pressure might ease, potentially fueling a rapid push toward the $79,000 region during the summer.

A major transfer of 2,700 BTC worth approximately $168.6 million linked to asset manager BlackRock has been reported. The transfer was made to Coinbase, raising speculation about potential sales. However, there is currently no confirmation that the transferred assets are awaiting liquidation.