Bitcoin Price Faces Crucial Moment as BlackRock Transfer Raises Red Flags

The Bitcoin price is currently under pressure due to its inability to recover crucial technical levels following a recent sell-off.

At press time, BTC is trading at $61,024, falling by 2.68% over the last 24 hours with a daily trading volume of $36.22 billion and market capitalization at $1.23 trillion.

Crypto analyst Michaël van de Poppe believes that if Bitcoin can form a higher low to get back into important levels, it might be able to avoid another fall and gain momentum towards the $79,000 zone in the upcoming summer season. However, he cautioned that should these levels not be recovered in the days ahead, more downward pressure could build.

The recent transfer of 2,700 BTC (worth about $168.6 million) and 52,956 ETH (estimated to be worth about $88.1 million) from asset management firm BlackRock to Coinbase has raised fears of an institution selling in the market.