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

Crypto Money Laundering: Aussie Agency to Target Crypto ATM Providers

Australia’s financial intelligence agency has said it will crack down on cryptocurrency ATM providers to combat money laundering and scams Task Force Targets Crypto ATMs The Australian

Ethereum Price Breaks Above Massive Triangle – Next Target: $10,000

Recent price action has seen the Ethereum price breaking above the $4,000 price level again to drive euphoria among crypto investors, especially those awaiting the onset of an altcoin season This

US Council Sounds The Alarm: Crypto Oversight Needed For Stablecoins

Popular stablecoins, or digital assets designed to have a “relatively stable price,” are getting noticed by policymakers While these crypto units are more stable than their counterparts, a recent

Bitcoin Hits 100K, XRP Wobbles, and More — Week in Review

Bitcoin hits $100K, XRP wobbles but won’t fall, certain meme coins are in the crosshairs, and more in this Week in Review Week in Review This week marked a historic milestone for

Bitcoin Rally Fuels Demand For Crypto Loans: Lending Sector On The Rebound

The recent Bitcoin price surge, which surpassed $100,000 for the first time, is creating ripples in the long-struggling crypto lending sector, particularly through decentralized finance (DeFi)

President Bukele Gets the Last Laugh: Over $300 Million in Unrealized Bitcoin Gains

Bukele celebrated the recent bitcoin rally and the $100K milestone, posting a screenshot of El Salvador’s bitcoin investment unrealized gains Fighting tooth and nail against naysayers,