BlackRock's Bitcoin ETP Launchs in Europe, BTC Price Attempts to Regain Its Upward Trajectory

The cryptocurrency landscape is experiencing a turning point, as BlackRock, the largest asset manager in the world, has rolled out its first Bitcoin

The cryptocurrency landscape is experiencing a turning point as BlackRock, the largest asset manager in the world, has rolled out its first Bitcoin exchange-traded product (ETP) in Europe.

The iShares Bitcoin ETP began trading on March 25 at 08:00 CET on Xetra and Euronext Paris with the ticker "IB1T," and on Euronext Amsterdam, it is "BTCN." This product follows the incredible growth of BlackRock’s U.S. spot Bitcoin exchange-traded fund (ETF), which has over $50 billion in assets since its launch. The European Bitcoin ETP has actual BTC held in cold storage from Coinbase Custody International Ltd., including robust investor protection.

Can Bitcoin Hold Its Ground or Will Volatility Strike Again?

On March 25, Bitcoin is trading at around $87,065, a small pullback of roughly 1.5% following a 4.38% intraday rise on March 24. Pullbacks can be normal when the price has moved up significantly, with prices drifting slightly below larger volume-weighted areas.

Even with this minor pullback, Bitcoin continues to see a YTD gain of approximately 10%, which is relatively assertive yet bodes some volatility as well. The market cap is at $1.73 trillion, which is supported by a 24-hour trading volume of $22.82 billion.

Will BlackRock’s Bitcoin ETP Be the Spark For The Next BTC Market Trend?

Analysts’ opinions about the direction of Bitcoin appear to be mixed. Some analytical forecasts suggest that, in the long run, Bitcoin could fall off as sharply as $20,000, with a potential immediate correction approaching $74,000, indicating the beginning of a new bear market. On the other hand, some forecasts are even more optimistic and do not think that Bitcoin will go under $87,691.96 in March 2025 or, God forbid, go as high as $119,714.81 in March 2025.

With these diverse opinions, it will be necessary to pay close attention to future market updates and conduct due diligence before investing in cryptocurrency. In the next section, we will discuss the critical support and resistance levels for Bitcoin, as well as momentum indicators and overall market sentiment to project price direction.

Price Analysis and BTC Price Prediction

Bitcoin (BTC) maintained its upward channel with another strong March 24 trading session. The price peaked at $86,624 during 00:35 UTC, March 24, indicating bullish momentum. However, the momentum proved short-lived as a death cross appeared at the same time as an oversold RSI. Immediately, sellers stepped in as the market sentiment flipped. The price dropped sharply but briefly as buyers stepped back in. Bitcoin was soon able to establish a new upward trend with added bullish momentum.

At 02:30 UTC, a golden cross appeared on the MACD. By 08:00 UTC, the price had reached a new trading range, testing both resistance and support levels of $88,600 and $86,500, respectively. While the price level remained north of the uptrend, there were periodic tests of recent sell-side pressure, testing bullish strength in the newly established trading range, but optimistically pulled prices higher.

Chart 1, Analyzed by Alokkp0608 published on March 25

At 14:45 UTC, BTC hit a critical resistance area, but with an overbought RSI and another death cross indicating further selling pressure. Initially, prices remained stable, but the sellers began to take hold, and sentiment moved from bullish to bearish. We confirmed a death cross at 20:15 UTC, and the price began a steady decline, continuing into March 25.

Buyers did make short-lived attempts to recover, but ultimately, Bitcoin remained under bearish influence and dropped below support levels. However, at 04:10 UTC, Bitcoin finally triggered another cross, this time a golden cross, and scope for a bullish reversal now seems likely. Since the cross, Bitcoin has regained a steady upward trajectory as buyers regain some momentum.

Is Bitcoin Poised for Its Next Big Move?

The latest BTC market trend demonstrates the ongoing tug-of-war taking place between bulls and bears as volatility keeps traders on edge. BlackRock’s Bitcoin ETP just launched in Europe, adding a layer of intrigue and likely institutional adoption and liquidity. While there have been bearish signals like death crosses and resistance rejections that have tried Bitcoin’s fortitude, the golden crosses have risen to suggest renewed bullish momentum. Ultimately, it is apparent that the market is still divided, as predictions vary from deep corrections to new all