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

Retail Demand Surges for Bitcoin: The Journey Towards $100K and Beyond Begins?

Bitcoin has once again captured the spotlight as retail demand surges to levels not seen since 2020 CryptoQuant analyst Darkfost recently analyzed this development in a report titled “Bitcoin

Gary Gensler’s Rule Ends, Can Paul Atkins Reverse Crypto’s SEC Nightmare?

The post Gary Gensler’s Rule Ends, Can Paul Atkins Reverse Crypto’s SEC Nightmare appeared first on Coinpedia Fintech News On the day Republican leader Donald Trump, with a pro-crypto position,

Bitcoin News: Eleven US States Prepare Strategic BTC Reserve Legislation

The post Bitcoin News: Eleven US States Prepare Strategic BTC Reserve Legislation appeared first on Coinpedia Fintech News The mainstream adoption of Bitcoin (BTC) has moved from individual traders

The Truth Behind the Dogecoin Price Rally Will Shock You, Rival Altcoin to Catch Up and Hit $1

The post The Truth Behind the Dogecoin Price Rally Will Shock You, Rival Altcoin to Catch Up and Hit $1 appeared first on Coinpedia Fintech News The Dogecoin price movement has been one of the

Grayscale Files for Solana ETF With NYSE Arca Amid Expanding Crypto Offerings

The multi-billion-dollar crypto asset manager has joined the race to launch the first spot solana exchange-traded fund (ETF) in the US Grayscale Becomes Fifth Asset Manager to File for a Solana ETF

Bitcoin (BTC) Price Prediction (Dec 05th 2024)

The post Bitcoin (BTC) Price Prediction (Dec 05th 2024) appeared first on Coinpedia Fintech News Story Highlights The Bitcoin price hits $100k A major milestone achieved by the cryptocurrency