Bitcoin Tests $83K Ceiling as BlackRock's Mitchnick Cites Fiscal Risks as Key Tailwind

Bitcoin is trading around $79,000 after briefly pushing above $81,000 earlier this week, with market participants focusing on a potential resistance test near $83,000. BlackRock's head of digital assets, Robbie Mitchnick, said mounting concerns over government debt and widening deficits are reinforcing Bitcoin's role as a portfolio diversifier. In an interview published August 26, Mitchnick argued that Bitcoin's scarcity and its distance from government policy make it distinct from equities. He also pointed to periods in which Bitcoin and gold advanced while stocks softened and bond markets swung. Mitchnick acknowledged Bitcoin can still trade like a risk asset during speculative phases or when leverage is elevated. He framed the diversification thesis as a long-term driver rather than protection in every selloff. He added that Bitcoin already enjoys meaningful regulatory acceptance, and said proposed legislation such as the CLARITY Act is more consequential for decentralized finance and other crypto activities. More regulatory clarity could provide upside, he said, but is not essential to the core investment case. Flows into spot Bitcoin ETFs have also turned supportive. Data from Farside Investors show the funds took in $232.2 million in net inflows on August 26. BlackRock's iShares Bitcoin Trust (IBIT) accounted for $200.8 million, while Fidelity's FBTC added $25.6 million. The tally extends the streak to eight consecutive sessions of net inflows across the group. Grayscale's GBTC, though, posted $50.4 million in net withdrawals on Wednesday. On market structure, Wintermute trader Jasper De Maere said Bitcoin's correlation with the Nasdaq has eased to about 0.3 from a prior peak near 0.9, noting the figure reflects recent co-movement and does not guarantee a lasting break from equities. Technically, analyst Ted said Bitcoin has regained two widely watched levels: the 200-week exponential moving average and the bull market support band. He flagged $83,000 as the next key resistance zone, arguing a weekly close above that area would signal the bear-market bottom is in. De Maere identified nearer-term resistance between $80,000 and $81,000 following an earlier rejection around $81,200, and placed the next support region in the mid-$70,000s. Disclaimer: This content is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should conduct their own research before making financial decisions.