Bitcoin struggled to sustain a brief climb past $27,000 on Tuesday as the tailwind from BlackRock Inc.’s application to start a US exchange-traded fund investing in the token began to flag.

The largest digital asset at one point added 1.7% to hit a two-week high before paring the gain to trade at $26,740 as of 9:50 a.m. in London. Smaller coins such as Ether and BNB posted relatively small gyrations.

BlackRock filed for a spot Bitcoin ETF with the Securities and Exchange Commission on June 15. The SEC has resisted allowing such spot funds but the latest attempt carries the heft of the world’s largest asset manager.

The filing “is seen as a major positive for the industry,” said Caroline Mauron, co-founder of digital-asset derivatives liquidity provider OrBit Markets.

Bitcoin has climbed about 7% since BlackRock’s move, helping to lift the token to a zone of resistance around $27,000 based on key chart patterns.

The application landed amid Grayscale Investments LLC’s legal battle with the SEC to convert the Grayscale Bitcoin Trust into a physically backed ETF. The trust’s discount to net asset value has narrowed on speculation that BlackRock’s step could end up bolstering Grayscale’s case.

Markets are also being shaped by the US crackdown on crypto and macro forces, including the outlook for further US monetary tightening after the Federal Reserve paused interest-rate hikes this month.

Traders are waiting for more clarity too on the scale of expected economic stimulus in China, where the central bank recently cut borrowing costs.

The potential China stimulus impact on Bitcoin isn’t “getting enough airplay,” said Tony Sycamore, a market analyst at IG Australia Pty.

This article was provided by Bloomberg News.