- Mitchnick says debt and deficit concerns strengthen the case for Bitcoin as a portfolio diversifier.
- Spot Bitcoin ETFs recorded $232.2 million in inflows on August 26, with IBIT attracting $200.8 million.
- Ted identifies $83,000 resistance after Bitcoin reclaimed its 200-week EMA and bull market support band.
Bitcoin price trades near $79,000 after briefly exceeding $81,000 this week. BlackRock digital assets head Robbie Mitchnick says fiscal concerns strengthen its appeal as a portfolio diversifier.
Speaking in an August 26 interview, he pointed to debt and deficits as drivers of demand. His comments come as spot Bitcoin ETFs attract fresh inflows, while traders watch resistance around $83,000.
BlackRock Links Bitcoin Price Outlook to Fiscal Risks
Mitchnick said Bitcoin’s scarcity and independence from governments distinguish it from equities. He pointed to gains alongside gold while stocks weakened and bond markets fluctuated.
The Bitcoin price can still move with riskier assets during speculative or heavily leveraged trading, he acknowledged. His diversification argument concerns long-term drivers, not protection against every market selloff.
He also argued that Bitcoin already has substantial regulatory acceptance. The proposed CLARITY Act matters more for decentralized finance and other crypto activities, in his view. Further clarity would offer potential upside, he said, rather than underpin the existing investment case.
Wintermute trader Jasper De Maere offered another indication of changing market behavior. He said Bitcoin’s Nasdaq correlation has fallen toward 0.3 from a previous peak near 0.9. That shift measures recent co-movement, not a permanent separation from equities.
ETF Inflows Return as Traders Watch $83,000 Resistance
Spot Bitcoin ETFs recorded $232.2 million in net inflows on August 26, according to Farside Investors. BlackRock’s IBIT attracted $200.8 million, while Fidelity’s FBTC received $25.6 million.
The figures mark eight consecutive sessions of net inflows across the funds. Grayscale’s GBTC nevertheless recorded $50.4 million in withdrawals on Wednesday.
Analyst Ted says the Bitcoin price has reclaimed two closely watched technical levels. He said BTC has recovered its 200-week exponential moving average and bull market support band.
Ted identifies $83,000 as the next resistance zone. He would treat a weekly close above that level as evidence of a cycle bottom.
Meanwhile, De Maere identifies immediate resistance between $80,000 and $81,000 after the earlier rejection near $81,200. He places the next Bitcoin price support area in the mid-$70,000s.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
