Bitcoin Price Analysis: BTC Rebounds As Traders ‘Buy The Dip’
Bitcoin (BTC) has rebounded during the ongoing session as the market looks to put Monday’s crash in the rear-view mirror. Investors jumped in at a key level to buy the dip, preventing a further decline. However, liquidity trends point to a deeper selloff.
The flagship cryptocurrency is up nearly 2% during the ongoing session, and has reclaimed the $113,000 mark, trading around $113,641.
BlackRock Bitcoin ETFs Rake In Capital
BlackRock, the world’s largest asset manager, has revealed that its Bitcoin and Ethereum ETFs are bringing in over $260 million annually. According to figures from the OnChain Foundation, BlackRock’s ETFs have earned a quarter of a billion dollars since launch, with $218 million from Bitcoin products and $42 million from Ethereum products. Leon Waidmann, the head of research at the OnChain Foundation, stated,
“BlackRock has quietly built a crypto empire! In less than 2 years, their Bitcoin and Ethereum ETFs are generating over $260M in annual revenue. $218M from Bitcoin. 42M from Ethereum. That’s a quarter-billion-dollar business, built almost overnight. This isn’t experimentation anymore. The world’s largest asset manager has proven that crypto is a serious profit center.”
The success of BlackRock’s crypto investment products shows that ETFs are no longer just a test run, but a major source of income for the world’s largest asset manager.
Michael Saylor Believes Bitcoin (BTC) Will Move Up Again
Strategy executive chairman Michael Saylor believes Bitcoin (BTC) will rebound towards the end of the year after macro headwinds subside. Upward pressure from Bitcoin treasury companies and ETFs will also help push prices higher. Saylor stated that institutional adoption and consistent buying of BTC by ETFs and investors are taking up available supply. He added that companies are buying even more than what is being created by Bitcoin miners, putting upward pressure on the price.
According to Bitbo, miners generate around 900 BTC per day. However, a report by financial services company River revealed that businesses are buying 1,755 BTC per day, while ETFs are purchasing an additional 1,430 BTC per day.
The crypto market suffered one of the year’s largest market flush-outs on Monday, with traders liquidated out of nearly $2 billion. Analysts blamed the liquidation event on technical factors, stating that market fundamentals remained robust. Saylor added,
“I think that as we work through the resistance of late and some macro headwinds, we’ll actually see Bitcoin start to move up smartly again toward the end of the year.”
Pro Bitcoin Democrat To Run For California Governor
Bitcoin advocate and former California Assembly member Ian Calderon has officially entered the race for California governor. Calderon confirmed his bid for governor on X, promising voters affordable homes, groceries, and gas. He also positioned himself as a Bitcoin proponent.
“My generation pays bills on our phones, we send money to each other with Venmo, and we save in Bitcoin — but the people running our government, they’re trying to use yesterday’s ideas to solve today’s problems, and it isn’t working. It’s time for a new generation of leadership in California.”
Calderon discussed BTC in a separate post, promising to make California a leader in Bitcoin adoption.
“California has always been a leader in technology. It’s time for us to get back to our roots and make California the undisputed leader on Bitcoin.”
Lawmakers in the US have promised crypto-friendly policies on the campaign trail after the industry emerged as one of the biggest donors during the 2024 presidential elections. Calderon also stated that California should hold BTC on its balance sheet, in a subtle promise about a strategic reserve. California goes to the polls on November 3, 2026, with several candidates in the fray to replace Gavin Newsom, who cannot run for re-election once his second term ends.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) has made a strong recovery after spending the week in the doldrums. The flagship cryptocurrency started the week in the red, dropping over 2% to an intraday low of $111,761 before reclaiming $112,000 and settling at $112,736. Sellers retained control on Tuesday as the price fell nearly 1% to $112,017 before rebounding during the ongoing session.
Despite the decline, BTC’s performance has defied its bearish September trend, rising 3.26% so far. The flagship cryptocurrency’s fourth quarter could be broadly impacted. Historically, September has been one of the worst months for BTC. However, when September has been positive, the next few months have registered substantial rallies. BTC is currently consolidating between $112,000 and $115,000.
Markets are cautiously optimistic. While the month has seen spikes in liquidation, BTC has held above key support levels. The RSI is close to neutral territory, meaning volatility can occur without running into oversold or overbought conditions. Trading volume has also remained relatively stable in recent sessions.
BTC ended the previous weekend in the red, dropping 0.56% and settling at $115,314. The price faced volatility on Monday as buyers and sellers struggled to establish control. Buyers ultimately gained the upper hand as BTC registered a marginal increase and settled at $115,381. Bullish sentiment intensified on Tuesday as the price rose 1.26% to cross $116,000 and settle at $116,832. Selling pressure returned on Wednesday as BTC fell to an intraday low of $114,724. It recovered from this level to settle at $116,484, ultimately dropping 0.30%.
Source: TradingView
BTC reached an intraday high of $117,998 on Thursday. However, it could not stay at this level and settled at $117,117. The price lost momentum on Friday, dropping 1.22% to $115,690 before registering a marginal increase on Saturday. BTC was back in the red on Sunday, falling 0.41% and ending the weekend at $115,282. The flagship cryptocurrency plunged to an intraday low of $111,761 on Monday as bearish sentiment intensified. It recovered from this level to reclaim $112,000 and settle at $112,736. Buyers attempted a recovery on Tuesday as BTC reached an intraday high of $113,357. However, it failed to stay at this level and settled at $112,017, ultimately dropping 0.64%. Bullish sentiment has intensified during the ongoing session, with BTC up nearly 2%, trading around $113,500.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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