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BlackRock's Interest in Bitcoin ETF Boosts Confidence in Cryptocurrency's Future

Bitcoin faced selling pressure near the $30,202 threshold, possibly due to the release of the FOMC minutes. However, positive remarks from BlackRock's CEO, Larry Fink, about Bitcoin's potential have helped mitigate further declines and raised questions about its potential for a rebound. BlackRock's interest in a Bitcoin ETF has further bolstered confidence in Bitcoin's future, potentially increasing liquidity and stability in the market. Bitcoin trading volume on multiple exchanges surpassed $4.2 trillion in the first half of 2023, indicating increased interest from institutional and retail investors and potentially signaling a revitalized market. Bitcoin is currently holding steady around the $30,000 level, with resistance at approximately $31,400 and support around $29,600. A decisive close above the $29,600 level could trigger a bullish movement, while a clear break below it could lead to support around $28,450 and potentially even lower towards $27,450. It is recommended to monitor the $29,600 level as a key pivot point for today's trading activities.

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