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

Ethereum Active Addresses Surge By 36% In Support Of Bullish Price Action – Details

Shortly after surging above $4,000 on December 6, Ethereum (ETH) has sunk into a state of consolidation showing no significant price action over the last day With growing speculations over the

A Crypto Tax Paradise? Czech Republic Pioneers Tax-Free Crypto Policies

Czech lawmakers have approved a groundbreaking tax reform exempting bitcoin and other digital assets from capital gains tax if held for over three years, effective Jan 1, 2025 Additionally, annual

Latam Insights: Bolivian Crypto Market Overheats, Chile Belittles Bitcoin

Welcome to Latam Insights, a compendium of the most relevant crypto and economic news from Latin America over the past week In this issue, the Bolivian cryptocurrency market keeps growing after the

Blockchain needs a killer use case, and authentication is cold-blooded

The following article is an op-ed by Tyler Adams, CEO & Co-Founder at COZ For the last two years, crypto developers and venture capital have been hyper-focused on supporting infrastructure

Spot Ethereum ETFs Record Best Weekly Performance, 10-Day Inflow Streak Continues

The spot Ethereum ETFs (exchange-traded funds) in the United States have continued their impressive form, posting their tenth consecutive day of positive inflows to close the week This strong

Technical Analysis Puts XRP Price Above $5 In Next 3 Days, Whales Buy $288 Worth Of XRP

The XRP price is consolidating after a crazy 460% surge within four weeks that saw it breaking above $28 on December 3 for the first time since 2018 This consolidation saw the XRP price dropping to