Bitcoin price bounced back and moved above the key resistance level of $84,000 after tumbling to a multi-month low of $78,200 on Friday.
Bitcoin’s Bitcoin
btc
6.67%
Bitcoin rebound coincided with a recovery in U.S. equities, which pared back earlier losses. The Dow Jones index rose 165 points, while the Nasdaq 100 gained 80 points.
A potential catalyst for the recovery was news that BlackRock maintained its bullish stance on Bitcoin this week. The world’s largest asset manager confirmed plans to allocate about 2% of its model portfolio assets to its IBIT ETF.
Bitcoin also rebounded following the release of an encouraging personal consumption expenditure report in the United States. Core PCE, which the Federal Reserve closely monitors, rose 0.3% from December and 2.6% year over year, marking its smallest increase since 2021.