The recovery in Bitcoin price continues steadily today, despite falling below $25,000 last week. Bitcoin rose to $27,200 in the early hours of June 20, hitting its highest level since June 7.

BTC is trading at $26,819, up 1.44% in the last 24 hours. If this uptrend continues this week, Bitcoin price is likely to surpass $28,000, thereby breaking the psychological resistance of $30,000.
Blackrock's spot BTC ETF offering has moved the market. Bitcoin and Ethereum started trading on a positive start on Tuesday. Market participants believe that Blackrock's spot Bitcoin exchange-traded fund (ETF) application has a higher chance of approval.
Many companies currently in the process of litigation with the U.S. Securities and Exchange Commission, including companies like Grayscale, are excited about this proposal. Popular investors and traders believe that institutional investors will start the next bull market.
Therefore, Blackrock's interest in officially launching a Bitcoin spot ETF could attract more institutional investors to enter the crypto market. Other major companies are also reportedly considering applying for a BTC spot ETF, one of them being Fidelity.
Despite the rise in Bitcoin price, it is stated that it is still vulnerable. The Federal Reserve's rate decision has slashed Bitcoin as low as $24,775, but as whales continue to accumulate and bulls maintain a strong presence in the market, Bitcoin's downside is limited.
Craig Erlam is a Senior Market Analyst at OANDA and states that there is market confidence that Blackrock's Bitcoin spot exchange-traded fund will be successful. But according to Erlam, Bitcoin still seems vulnerable. Erlam said the following about Bitcoin:
Bitcoin closed the past week on a pretty positive note after falling to a three-month low on Wednesday, but remains vulnerable to further declines. The bimonthly trend is not in Bitcoin's favor and the news feed isn't exactly positive either. However, Bitcoin had an extraordinary year, gaining more than 50 percent in value, so we can say that the situation is not so bad.
Despite Craig Erlam's hawkish views on the state of Bitcoin, it appears that the bulls are intent on recovery. The recovery in Bitcoin's price and the interest of institutional investors are creating a positive mood in the crypto market. However, the volatility and uncertainty of the cryptocurrency markets should be taken into account.
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