Time to Buy BTC? BlackRock Adds $1 Billion to Bitcoin Holdings
Chandan Gupta5 Dec 20242 min read
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.
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.
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.
