Time to Buy BTC? BlackRock Adds $1 Billion to Bitcoin Holdings
Bitcoin (BTC) is the world’s largest digital asset by market capitalization, and market sentiment is turning bullish. On December 4, 2024, blockchain intelligence company Arkham posted on X (formerly Twitter) that BlackRock, the world’s largest asset management company, purchased a large amount of Bitcoin.
BlackRock buys $1 billion in Bitcoin
In a post on X, Arkham noted that BlackRock has purchased a massive $1 billion worth of assets Bitcoin The past three days. However, readers should note that several companies across industries ranging from healthcare to financials have made significant purchases over the past week, suggesting signs of a potential build-up.
The price of BTC appears to be in consolidation territory since November 11, 2024, which may explain why whales, institutions, and retailers continue to show confidence and interest in the asset and withdraw funds from exchanges in large numbers.
$963 million in BTC outflows
In addition to BlackRock’s recent acquisitions, exchanges across the cryptocurrency space have reportedly seen significant outflows of $963.35 million since December 1, 2024. coin glass. In the context of cryptocurrencies, an outflow refers to the transfer of assets from an exchange to a wallet address.
Additionally, outflows suggest potential buying opportunities, reduce selling pressure, and hint at a possible upside rebound.
Bitcoin technical analysis and upcoming levels
In addition to these bullish on-chain indicators, one expert also shared a positive outlook for Bitcoin. According to expert technical analysis, BTC has broken out of the Symmetrical Triangle price action pattern on the 4-hour time frame and is heading towards the $100,000 mark.
Based on recent price action, if BTC closes the four-hour candle above $98,000, there is a good chance it will break above the all-time high of $99,588 and reach the $100,000 mark.
BTC current price momentum
At press time, BTC was trading close to $97,900, with prices surging 2.10% in the past 24 hours. During the same period, its trading volume increased by 11%, indicating increased participation from traders and investors amid bullish market sentiment.
