Bitcoin Price at $42,000 Amid Speculation on Charles Schwab’s Entry to ETF Race

The Bitcoin market is witnessing increased speculation regarding the potential entry of Charles Schwab into the Bitcoin ETF race, according to Bloomberg ETF analysts. Despite Bitcoin exchange balances dropping by over one million BTC since 2020, the BTC price has managed to sustain itself above the $42,000 level, hinting at a possible recovery. The anticipation of Charles Schwab, a multi-trillion-dollar asset manager, entering the ETF competition, could further intensify the market dynamics. As per Eric Balchunas, the ETF specialist at Bloomberg, Schwab’s involvement could bring a competitively priced product, adding fuel to the ETF race.

Additionally, on-chain data shows positive signs for Bitcoin, such as declining exchange balances and a continued upward trend in short-term holder realized price. These factors, along with the upcoming Bitcoin halving event and a growing interest in spot Bitcoin ETFs, contribute to a bullish outlook for Bitcoin’s recovery. Technical analysis suggests potential resistance levels at $43,600 and $45,589, with a likely recovery toward the $45,000 level as Bitcoin surpasses the psychological barrier of $40,000.

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