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

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,

Bitcoin’s Creator Dead? Novogratz Stirs Debate Over Satoshi Nakamoto’s Fate

In a December 5 appearance on CNBC’s “The Exchange,” Galaxy CEO and founder Mike Novogratz offered insights into Bitcoin’s meteoric rise while making a striking comment that has reignited

DeFi lending on Liquidium hits 4-month high as Bitcoin soars past $100K

DeFi lending on Bitcoin-based Liquidium reached a four-month high of 21 BTC on Dec 5, following the top asset climb to a new all-time high above $100,000 Onchain data reveals that loans against Runes

Store-of-Value Coins Steal the Spotlight in a Dynamic Month for Crypto

With the crypto economy cruising at $367 trillion, some sectors are shining brighter than others Over the last 30 days, store-of-value coins such as bitcoin (BTC), litecoin (LTC), XRP, bitcoin cash

Bitcoin ETFs Now Hold More BTC Than Satoshi, Experts Say

The funds have purchased 1,104,534 BTC since January, surpassing the 1,100,000 in Satoshi’s public addresses US Spot ETFs Surpass Satoshi in Bitcoin Held The spot bitcoin ETFs approved by the