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

Expert: Crypto Market Fond of Round Figures, BTC Set for ‘Significant Price Correction’

Bitcoin (BTC) recently hit a new high of $100,000, but some experts believe a correction is coming Significant Bitcoin Price Correction Expected According to one expert, bitcoin (BTC), which has

FDIC Asked Banks To Pause Crypto-Asset-Related Activity, Court Documents Reveal

The post FDIC Asked Banks To Pause Crypto-Asset-Related Activity, Court Documents Reveal appeared first on Coinpedia Fintech News In a latest X post, FOX Business journalist, Eleanor Terrett shared

Dogecoin Price Follows Bitcoin Trajectory: DOGE Can Hit $0.569 If This Happens

As Bitcoin continues to attract major inflows from institutional investors, the Dogecoin price is on the move as it is increasingly becoming the go-to cryptocurrency for retail

Bitcoin Reclaims the $100K Zone, Ethereum Surpasses $4K 

Bitcoin (BTC) achieved a significant milestone on Thursday, reaching an all-time high of $103,647 per coin before retreating below the $100,000 mark later in the day However, on Friday, bitcoin

Pump Fun updates terms to block UK users days after FCA warning

PumpFun has restricted access to users in the UK days after receiving a regulatory warning from the country The decision comes after a Dec 3 warning from the UK’s Financial Conduct Authority

BlackRock Highlights Bitcoin’s Role as a Diversified Asset In Its 2025 Outlook

The post BlackRock Highlights Bitcoin’s Role as a Diversified Asset In Its 2025 Outlook appeared first on Coinpedia Fintech News BlackRock’s 2025 Global Outlook highlights Bitcoin’s