Is it time to buy BTC? BlackRock Adds $1 Billion to Bitcoin Holdings
Bitcoin (BTC), the largest by market capitalization, is seeing a shift in sentiment towards the bullish side. In the year On December 4, 2024, blockchain intelligence firm Arkham posted on X (formerly Twitter) that the world's largest asset manager, BlackRock, had purchased a large amount of Bitcoin.
Blackrock bought $1 billion worth of Bitcoin
In a post on X, BlackRock indicated that it had bought $1 billion worth of high-value bitcoins in the past three days. However, readers may note that over the past week, several firms in industries, from medical to financial, have made significant acquisitions, indicating potential for consolidation.
As of November 11, 2024, the price of BTC appears to be in a consolidation zone, which explains why wells, institutions and retailers are consistently withdrawing significant funds from exchanges that are showing confidence and interest.
$963 million BTC withdrawal
In addition to BlackRock's latest purchase, since the beginning of December 1, 2024, as reported by Congress, exchanges in the cryptocurrency landscape have seen a significant inflow of $963.35 million. In the cryptocurrency context, withdrawal refers to the transfer of an asset exchange to a wallet address.
Additionally, the breakouts are a buying opportunity, reduce selling pressure, and signal a possible rally.
Bitcoin technical analysis and upcoming levels
In addition to these bullish chain metrics, one expert shared a positive outlook for Bitcoin. According to the expert's technical analysis, BTC is breaking out of the congruent triangle price pattern on the four-hour time frame and heading towards the $100,000 mark.
Based on the recent price action, if BTC closes the four-hour candle above the $98,000 level, it may breach the 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 recorded a 2.10% price increase in the last 24 hours. During the same period, the transaction volume increased by 11 percent.
