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

PEPE Defies the Market Trend, Eyes on 30% Rally

The post PEPE Defies the Market Trend, Eyes on 30% Rally appeared first on Coinpedia Fintech News Pepe (PEPE), the popular third-largest crypto meme coin, is making waves and gaining widespread

Amazon’s Shareholders Push for Bitcoin in Treasury to Strengthen Reserves

Amazon faces shareholder pressure to assess bitcoin as a treasury asset, citing inflation risks, bitcoin’s soaring returns, and corporate trends toward cryptocurrency adoption Shareholders Push

MicroStrategy Expands Bitcoin Holdings With 21,550 BTC Purchase For $2.1 Billion

MicroStrategy, a US-based business intelligence firm, has expanded its Bitcoin (BTC) holdings as part of its corporate treasury strategy The company announced its latest purchase of 21,550 BTC, worth

Tether USDT wallets surge to 109 million, challenge Bitcoin and Ethereum user base

Stablecoin issuer Tether reported 109 million on-chain wallets holding USDT at the start of the fourth quarter, according to a Dec 9 report The growth positions USDT as one of the most utilized

Ethereum Funding Rates Hit Multi-Month Highs, But Is A Correction On The Horizon?

Ethereum, the second-largest crypto by market capitalization, has recently demonstrated strong bullish momentum, breaching above $4,000 It is worth noting that its price rally has been accompanied by

Howie Mandel’s Son-In-Law Behind Disastrous ‘Hawk Tuah Girl’ Meme Coin Launch

The coin quickly crashed and lost most of its value in a matter of hours ‘Hawk Tuah Girl’ Meme Coin HAWK Goes Kaput Within Hours of Launch Haliey Welch, more commonly known as “Hawk Tuah