BlackRock Sells Bitcoin, Buys Ethereum, Bullish Sign for Crypto?
Zameer Attar11 Oct 20242 min read
Despite Bitcoin’s (BTC) impressive price recovery, asset management giant BlackRock made a significant move that caught the attention of crypto enthusiasts. Recently, the blockchain-based transaction tracker Lookonchain made a post on X (previously Twitter) that BlackRock sold 182 BTC worth $11.34 million.
BlackRock Increase ETH Holding
Following this massive sell-off, the asset manager purchased a significant 7,574 ETH worth $18.52 million and increased its holding to 414,168 ETH, currently worth $1.01 billion. However, this doesn’t appear as a bearish sign, as BlackRock’s ETH purchase indicates they remain bullish on the crypto market.
24,100 BTC Sell-off
Despite BlackRock’s update, another transaction tracker CryptoRus shared a post on X that investors and whales sold a significant 24,100 BTC at a loss in the past 24 hours. However, this notable sell-off occurred before Bitcoin’s price rebounded.
This data shows that BTC holders turned bearish when it fell below that $60,000 mark, but it appears they got trapped.
Current Price Momentum
Currently, Bitcoin is trading near $62,650 and has experienced a price surge of over 4.45% in the past 24 hours. During the same period, its trading volume jumped by 12%, indicating increased participation from traders and investors, likely due to the recent BTC price recovery.
Bitcoin Technical Analysis and Upcoming Level
According to expert technical analysis, BTC appears bullish as it has formed a double-bottom price action pattern of the daily time frame, indicating a potential upside rally. Additionally, BTC found support at the 200 Exponential Moving Average (EMA) on the daily time frame, further suggesting it is in an uptrend.
Based on historical price momentum, if BTC breaks the neckline of the double-bottom price action pattern at the $63,250 level and closes a daily candle above it, there is a strong possibility it could rally to the $67,500 level in the coming days. Additionally, BTC’s Relative Strength Index (RSI) is currently in the oversold area, further supporting this bullish outlook.
