Time to Buy BTC? BlackRock Adds $1 Billion to Bitcoin Holdings

Share This Post

Will Bitcoin Hit $100K

The post Time to Buy BTC? BlackRock Adds $1 Billion to Bitcoin Holdings appeared first on Coinpedia Fintech News

Bitcoin (BTC), the world’s largest digital asset by market capitalization is witnessing a shift in sentiment toward the bullish side. On December 4, 2024, blockchain intelligence firm Arkham made a post on X (formerly Twitter) that BlackRock, the world’s largest asset manager had purchased a significant amount of Bitcoin.

BlackRock Buys $1 Billion of Bitcoin 

In a post on X, Arkham noted that BlackRock had purchased a substantial $1 billion worth of Bitcoin over the past three days. However, readers should note that, over the past week, several firms across industries, from medical to financial, have made significant purchases, indicating a potential sign of accumulation.

Since November 11, 2024, BTC’s price appears to be in a consolidation zone, which may explain why whales, institutions, and retailers are continuously showing confidence and interest in the asset, making significant withdrawals from exchanges.

$963 Million of BTC Outflow

Besides BlackRock’s recent purchase, since the beginning of December 1, 2024, exchanges across the cryptocurrency landscape have witnessed a significant outflow of $963.35 million, as reported by Coinglass. In the context of cryptocurrency, outflow refers to the transfer of assets from exchanges to wallet addresses.

Source: Coinglass

Additionally, outflows hint at a potential buying opportunity, reduce selling pressure, and suggest a possible upside rally.

Bitcoin Technical Analysis and Upcoming Levels

In addition to these bullish on-chain metrics, an expert has shared a positive outlook for Bitcoin. According to the expert’s technical analysis, BTC has broken out of a symmetrical triangle price action pattern on the four-hour timeframe and is heading toward the $100,000 mark.

Source: Trading View

Based on the recent price action, if BTC closes a four-hour candle above the $98,000 level, there is a strong possibility it could breach its all-time high of $99,588 and reach the $100,000 mark.

BTC Current Price Momentum 

At press time, BTC is trading near $97,900 and has registered a price surge of 2.10% in the past 24 hours.  During the same period, its trading volume increased by 11%, indicating heightened participation from traders and investors amid bullish market sentiment.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

New Meme Coin Wall Street Pepe Launches Presale and Raises $700K in 2 Days – Next 100X Crypto?

The meme coin space just got a new player with a Wall Street twist Wall Street Pepe (WEPE) has exploded onto the scene, raising over $700,000 in the first two days of its presale phase And while PEPE

Ethereum Breaks Barriers, Targets $6K Amid Record ETF, TVL Activity

The increasing prominence of Ethereum is once again in the spotlight, as recent data indicates a substantial inflow of funds into Ether-based ETFs These products have experienced a remarkable $133

‘Most Horrible’ Crypto Launch? On-Chain Investigator Accuses ‘Hawk Tuah’ Girl Of Memecoin Scam

On-chain investigator Coffeezilla recently accused influencer Hailey Welch and the HAWK memecoin team of scamming her fans with their recent token launch The team faces backlash because the

Trump Celebrates BTC’s $100K Milestone: ‘You’re Welcome,’ Says the President-elect

On Truth Social, US President-elect Donald Trump extended his congratulations to bitcoin enthusiasts as BTC hit the $100,000 milestone In a playful post, he added, “You’re

Hawk Tuah Girl claims no tokens sold as memecoin launch sparks crypto community backlash

Haliey Welch, a viral internet personality known as the Hawk Tuah Girl, finds herself embroiled in controversy following the launch of her memecoin HAWK on the Solana blockchain The token’s

Worksport Bets Big on Bitcoin and XRP – Here’s Why

The post Worksport Bets Big on Bitcoin and XRP – Here’s Why appeared first on Coinpedia Fintech News In a latest development, Worksport, a Nasdaq-listed manufacturer of covers for pickup trucks,