Bitcoin is up by more than 5% on the day, the biggest daily gain since 2 July
The increase seems to be tied to the fact that to a report earlier that BlackRock has formed a team looking to take advantage of cryptocurrencies and blockchain technology. The firm has since come out to clarify that the focus of the team is to be largely on blockchain instead, but that hasn't stopped Bitcoin and other cryptos from posting solid gains on the day.
Just last week, we had Steve Cohen investing in a crypto hedge fund and the more big names that start to join the venture, the more buzz it creates. Just like any beehive, when the buzz starts ringing loudly it creates a ripple (ironically) effect across the swarm - i.e. to the smaller investors to get back into the game again.
Technically, price looks to be rebounding off the area of the 76.4 retracement level on the daily chart near the $6,000 level and continues to appear to be consolidating between $6,000 and $7,000 since the drop in June.
