BlackRock’s Bitcoin Buying Continues, Major Rally Imminent?
Zameer Attar29 Sept 20242 min read
In the past few days, the overall cryptocurrency market has recovered nicely. Amid this recovery, asset management giant BlackRock has continued increasing its Bitcoin (BTC) holdings. On September 28, 2024, the asset manager purchased a significant 1,684 BTC worth $110.7 million, as shared by an on-chain analytic firm Lookonchain.
BlackRock’s Recent Bitcoin Purchase
In addition to its recent purchase, BlackRock has acquired 7,578 BTC worth $497.6 million in just four days, which itself explains the potential of Bitcoin and its growth prospects in the coming days. With all these acquisitions, BlackRock now holds a total of 365,310 BTC worth $24.04 billion.
Bitcoin Current Price Momentum
Despite the massive buying, Bitcoin hasn’t reacted much and has remained unchanged over the last 24 hours. Currently, BTC is trading near $65,760 and has experienced a price change of negative 0.15% during the same period. Meanwhile, its trading volume declined by 52.93%, indicating lower participation from investors and traders.
It seems the crypto community is not participating in BTC, possibly due to fears of another price crash. However, BlackRock’s BTC purchase signals an ideal buying opportunity.
Bitcoin Technical Analysis and Upcoming Levels
According to expert technical analysis, BTC appears bullish after the recent breakout of a crucial resistance level of $65,000. It is currently trading above the 200 Exponential Moving Average (EMA) on a daily time frame, indicating an uptrend.
Based on historical price momentum, there is a strong possibility that the Bitcoin price could soon reach the $68,000 level. However, if the sentiment remains bullish and whales continue increasing their BTC holdings, it is almost certain that the asset will break its all-time high.
Besides BTC, other major cryptocurrencies including Ethereum (ETH), Solana (SOL), Binance Coin (BNB), and many others also appear unmoving. This market stability might indicate a potential sign of price correction or accumulation.
