Bitcoin price rebounds to $84k as Nansen analyst predicts consolidation phase
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 (BTC) 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…
