Blackrock Sells Bitcoin, Buys Ethereum, Bullish Sign Up For Crypto?
Despite Bitcoin (BTC)'s impressive price recovery, asset management giant BlackRock has made a significant move that has caught the attention of crypto enthusiasts. Blockchain-based transaction tracker Lookonchain recently sold 182 BTC worth $11.34 million to X (formerly Twitter) BlackRock.
Blackrock adds ETH wallet
Following this massive sell-off, the asset manager bought 7,574 ETH worth $18.52 million, increasing his holdings to 414,168 ETH, which is currently worth $1.01 billion. However, this is not seen as a bearish sign, as BlackRock's ETH purchases indicate that they remain bullish on the crypto market.
24,100 BTC for sale
Despite BlackRock's update, another trading tracker CryptoRus shared a post on X that investors and whales sold a significant 24,100 BTC at a loss in the last 24 hours. However, this notable sell-off occurred before Bitcoin's price rebounded.
This data turned bearish when BTC holders fell below $60,000, but it looks like they were trapped.
Current price momentum
Bitcoin is currently trading around $62,650 and has experienced a price increase of over 4.45% in the last 24 hours. During the same period, the transaction volume increased by 12%, which indicates an increase in the participation of traders and investors, which is probably due to the recent recovery of the price of BTC.
Bitcoin technical analysis and upcoming level
According to expert technical analysis, BTC is highlighted by its daily time frame double-bottom price action pattern. Additionally, BTC found support at the 200 Exponential Moving Average (EMA) on the daily time frame, suggesting that it is in an uptrend.
Based on historical price momentum, if BTC breaks the neck of the double-bottom price action pattern at the $63,250 level and closes the daily candle above it, there is a strong possibility that it may rally to the $67,500 level in the coming days. Additionally, BTC's Relative Strength Index (RSI) is currently in an oversold position, further supporting this bullish view.
