Leverage Washout Backs Bitcoin Bull Case

BlackRock CEO Larry Fink told CNBC in a July 15, 2026, appearance that he is “very bullish” for the next 12 months, arguing that the Bitcoin and Crypto selloff was driven by excessive leverage and has led to greater stability.

His remarks landed amid a sharp drawdown from Bitcoin’s October 2025 all-time high of $126,000, with the price around the $60,000 area at the time of the report.

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The Bitcoin Leverage Washout Blackrock Fink Had Been Waiting For

Fink and Blackrock tied his bullishness to the deleveraging that followed leverage risk in Bitcoin and crypto. “There were too many leverage players in it. That’s why we had the washout, and I think there’s more stability at these levels here … I’m very bullish on the markets over the next 12 months.”

Did Larry Fink, CEO of Blackrock, just admit they were manipulating the crypto market? 👀

“There was too much leverage players in Bitcoin and crypto, that’s why WE had to wash them out”

He also says he’s very bullish on the markets for the next 12 months.

Is the bottom in on… pic.twitter.com/CrhYewXl22

— Alexander the Great (@AlexKostner10) July 17, 2026

The mechanics matter here. When leveraged positions unwind, forced selling can accelerate downside and trigger further liquidations. The result can look catastrophic from the outside, but can also act like a risk reset: positions built on excessive leverage are cleared out, leaving comparatively more stable conditions for the next phase.

For retail traders, this is a useful framework. A drawdown driven by forced liquidations can be structurally different from a drawdown driven primarily by worsening fundamentals.

Fink made his bullish comments in the same context as BlackRock’s quarterly results. In that period, BlackRock reported revenues that rose 31% year-over-year to $7.1 billion.

Adjusted operating profit margin rose to nearly 46%, and the firm reported record assets under management of $15.3 trillion.

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Bitcoin Price Levels and the Real Target Next

BTC is sitting at $62,935 on the daily chart, and the structure here shows a market that bottomed around $58,000 in mid-June and has been attempting to stabilize since, but is struggling to break above the $64,000 to $65,000 zone that has been capping every bounce attempt over the past few weeks.

That $63,000 to $64,000 area marked by the red dotted line is acting as a sticky resistance from below, and the price keeps pushing into it and failing to close above it convincingly, which is the main problem with the current setup.

The pattern of lower highs since the May peak at $84,000 is still intact, and until that changes, this remains a market in a downtrend attempting to find a floor rather than one that has confirmed a reversal.

A daily close above $65,000 and held is the first signal worth paying attention to, opening the path toward $68,000 and then $72,000 as the next resistance levels from the June breakdown zone.

On the downside, the $58,000 to $60,000 range is the floor that needs to hold, as that is where the most recent capitulation wick found buyers, and a break below it puts BTC at multi-year lows with very little support below.

The bounce off $58,000 is real but unconfirmed, and $65,000 is the level that separates a genuine recovery attempt from another lower high in a market that has been making them consistently since January.

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