BlackRock Bitcoin Buying Continues, Major Rally Coming Soon?
In the last few days, the entire cryptocurrency market has recovered well. Amid this recovery, asset management giant BlackRock continues to increase its Bitcoin (BTC) holdings. On September 28, 2024, the asset manager bought $110.7 million worth of 1,684 BTC, as shared by chain analyst firm Lookonchain.
BlackRock's latest Bitcoin purchase
In addition to the latest purchase, Blackrock has acquired 7,578 BTC worth $497.6 million in four days, which itself explains the potential of Bitcoin and the prospect of growth in the coming days. With all these purchases, Blackrock now holds a total of 365,310 BTC worth $24.04 billion.
Bitcoin current price momentum
Despite the heavy buying, Bitcoin did not react much and remained unchanged in the last 24 hours. Currently, BTC is trading near $65,760 and has experienced a negative 0.15% price change over the same period. Meanwhile, the trading volume decreased by 52.93%, indicating low participation of investors and traders.
The crypto community doesn't seem to be getting involved in BTC, perhaps for fear of another price crash. However, BlackRock's BTC purchase represents a good buying opportunity.
Bitcoin technical analysis and upcoming levels
According to expert technical analysis, BTC looks bullish after recently breaking the critical $65,000 resistance level. It is currently trading above the 200 Exponential Moving Average (EMA) on a daily time frame, indicating an uptrend.
Based on the historical price progress, there is a strong possibility that the price of Bitcoin will soon reach the level of $68,000. However, if sentiment remains bullish and whales continue to increase their BTC holdings, the asset is sure to break all-time highs.
In addition to BTC, other major cryptocurrencies, including Ethereum (ETH), Solana (SOL), Binance Coin (BNB) and others, appear to be inactive. This market stability may signal a price correction or accumulation.
