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

Analyst Sets $4.40 XRP Target As 3rd-Straight Bull Pennant Forms

An analyst has explained how XRP could eventually reach a $440 price target based on the bull pennant pattern that has formed in its 4-hour price XRP Has Just Shown Its Third Straight Bull Pennant

Reimagined Enron teases world-changing summit with enigmatic new leader

The rebranded Enron Corporation revealed Connor Gaydos as its new CEO and announced a January summit where it plans to release a transformative new technology that will “truly change the world

Jupiter to airdrop $860 million in JUP tokens to loyal community voters

Decentralized exchange aggregator Jupiter’s governance has approved a proposal to airdrop $860 million worth of JUP tokens to community voters called Jupuary The proposal, spearheaded by

XRP Skeptic Turned Believer? Critic Hails XRP As Crypto’s Chart King

A former XRP skeptic has made an unexpected statement declaring the present price chart of XRP to be the best among all the cryptocurrencies This surprising praise has sparked debates about

Sell It All—Peter Schiff Urges Biden to Ditch US Bitcoin Reserves Before Trump’s Return

Gold advocate and economist Peter Schiff is not exactly cheering from the sidelines when it comes to a US strategic bitcoin reserve On Monday, he sparked conversation on social media, declaring that

Missed Ripple CEO Garlinghouse On 60 Minutes? Here Are The Key Takeaways

In the latest episode of CBS’s “60 Minutes,” Ripple CEO Brad Garlinghouse made a rare appearance to discuss the intersection of crypto and politics Despite the high-profile