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

Chainlink Price Shines With 40% Rally — Is $28.5 Possible?

Over the past week, the cryptocurrency market was not particularly on that impressive streak many investors may have now become accustomed to However, the large-cap altcoins seem to have woken from

Ripple vs. SEC: What’s Next? Can Gensler Use His ‘Lame Duck’ Period to Settle Unfinished Business?

The post Ripple vs SEC: What’s Next Can Gensler Use His ‘Lame Duck’ Period to Settle Unfinished Business appeared first on Coinpedia Fintech News President-elect Trump recently announced that

Crypto Weekly Hack Report: Why Multi-Factor Authentication Is Crucial

The post Crypto Weekly Hack Report: Why Multi-Factor Authentication Is Crucial appeared first on Coinpedia Fintech News The cryptocurrency industry has never seen such threats in cybersecurity, as a

Chainlink Price Records 35-month High, LINK Price Eyes To Hit $32?

The post Chainlink Price Records 35-month High, LINK Price Eyes To Hit $32 appeared first on Coinpedia Fintech News Story Highlights The LINK price records a new 52-week high of $2677 with a trading

Mog Coin (MOG) & FLOKI (FLOKI) Lead the Memecoin Rally—Here’s What Awaited in the NEXT 48 hours

The post Mog Coin (MOG) & FLOKI (FLOKI) Lead the Memecoin Rally—Here’s What Awaited in the NEXT 48 hours appeared first on Coinpedia Fintech News The markets have gained momentum as the

Cardano Price Prediction: Bulls Eye $2 Despite Losing Majority Gains

The post Cardano Price Prediction: Bulls Eye $2 Despite Losing Majority Gains appeared first on Coinpedia Fintech News Cardano’s ADA is up by more than five percent in the last 24 hours and is