BlackRock’s Bitcoin Game, Strategy or Speculation?
Zameer Attar22 Oct 20242 min read
BlackRock, the giant asset manager and the largest provider of spot Bitcoin Exchange Traded Fund (ETF) in the United States, has been making waves in the cryptocurrency space with its strategic Bitcoin (BTC) acquisitions. On October 21, 2024, BlackRock made another significant purchase of 4,869 BTC, worth $328 million, according to blockchain transaction tracker Lookonchain.
BlackRock’s Strategic Bitcoin Acquisitions
These notable acquisitions occurred during a period of market correction. However, this isn’t the first time the asset manager increased its BTC holdings during a downturn. The last time the asset was consolidating, they added hundreds of millions of dollars worth of Bitcoin, as reported by CoinPedia.
This Bitcoin acquisition by BlackRock amid the price correction suggests the asset manager’s buying strategy. With the recent acquisition, BlackRock’s total holdings have increased to 391,484 BTC, worth $26.45 billion.
However, it is a positive sign for BTC holders that BlackRock continue to buy BTC without hesitation, regardless of whether the price will rally or not. Additionally, it suggests a positive outlook for BTC and hints at a potential upside rally in the coming days.
Bitcoin Technical Analysis and Upcoming Levels
According to expert technical analysis, BTC appears to be struggling to gain momentum and is currently at a strong support level of $66,500. Based on recent price action, this support level currently plays a crucial role in determining BTC’s next move.
If BTC fails to hold this level and closes a candle below $66,500, there is a strong possibility it could fall significantly, reaching $60,000 in the coming days. On the other hand, if the current sentiment remains unchanged, there is a strong possibility that BTC’s price could rise to $72,000 initially and potentially reach a new all-time high in the near future.
As of now, BTC is trading near $67,500 and has experienced a modest price surge of 0.75% in the past 24 hours. During the same period, its trading volume increased by 8.5%, indicating greater participation from traders and investors.
