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

Ripple Applauds White House Crypto Czar: Is Regulatory Clarity Finally Here?

“Dream team!” Ripple executives hailed David Sacks’ appointment as White House Cryptocurrency Czar, predicting his leadership will drive innovation and deliver long-awaited

Is Pepe Coin’s Next ATH Around The Corner? Whales Bet Big After Major Listings

Pepe is in the meme coin spotlight again BinanceUS and Coinbase, two of the major cryptocurrency exchanges, have added Pepe Coin to their trading platforms Whales have been consuming enormous amounts

Is Chainlink Ready To Break Its All Time High at $52?

The post Is Chainlink Ready To Break Its All Time High at $52 appeared first on Coinpedia Fintech News Chainlink seems to be getting ready to break its current all time high soon The investors have

XRP Price Prediction For December 7

The post XRP Price Prediction For December 7 appeared first on Coinpedia Fintech News Ripple’s XRP is currently up by more than five percent in the last 24 hours and is trading at $245 levels

End of Crypto Crackdowns? Lawmaker Says ‘Regulation by Enforcement Is Over’

A top lawmaker says the US is shifting from “regulation by enforcement” to clear oversight, with new leadership poised to boost cryptocurrency and AI innovation A New Era for Crypto and AI

SUI Flashes Overbought Warning, Will A Price Correction Follow?

SUI has been on an impressive upward trajectory, but signs of potential exhaustion are beginning to emerge Key technical indicators now suggest the cryptocurrency has entered overbought territory,