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

Cryptocurrency Pioneer Bitcoin Taps $100,000

Bitcoin (BTC), the first and leading cryptocurrency, has crossed the $100,000 threshold, marking a pivotal moment in its 15-year history From Pennies to $100,000: Bitcoin’s Remarkable

Bitcoin Miner Foundry Cuts Jobs, Focuses on Core Business

Foundry, a leading bitcoin mining company, has laid off nearly a third of its workforce as part of a broader restructuring effort Foundry Spins off AI Arm, Cuts Jobs Bitcoin miner Foundry has laid

Bitcoin’s Next Move? Coinbase Premium Suggests a Short-Term Rally May Be Brewing

According to recent insights, Bitcoin (BTC) seems to be on the verge of another rally, which suggests the potential for short-term upward momentum At the heart of this discussion is the Coinbase

MT. Gox Moved $2.82 Billion in Bitcoin as It Soars Above $100k

The post MT Gox Moved $282 Billion in Bitcoin as It Soars Above $100k appeared first on Coinpedia Fintech News Defunct crypto exchange Mt Gox moved 27,871 Bitcoin worth $282 billion to an unmarked

XRP Price Revisits Key Level: Will The Bulls Return?

XRP price started a downside correction below the $250 support The price is consolidating near $220 and might aim for a fresh increase above the $245 level XRP price started another decline and

‘Bitcoin Jesus’ Roger Ver Slams US Overreach Amid Indictment Battle – Details

A popular figure in the cryptocurrency world known as “Bitcoin Jesus” – who has been indicted for a multi-million-dollar tax evasion case – asked a federal court to drop the charges