Despite Bitcoin’s (BTC) impressive price recovery, asset management giant BlackRock has made a major move that caught the attention of crypto enthusiasts. Recently, blockchain-based transaction tracker Lookonchain posted on X (formerly Twitter) that BlackRock sold 182 BTC worth $11.34 million.
BlackRock increases ETH holdings
Following this massive sell-off, the asset manager purchased a significant amount of 7,574 ETH worth $18.52 million and increased its holdings to 414,168 ETH, currently worth $1.01 billion. However, this does not appear to be a bearish sign as BlackRock’s ETH purchase indicates that they remain bullish on the crypto market.
24,100 BTC sale
Despite BlackRock’s update, another transaction tracker, CryptoRus, shared a post on However, this notable sell-off occurred before Bitcoin’s price recovered.
This data shows that BTC holders turned bearish when it fell below the $60,000 mark, but it looks like they were trapped.
Current price momentum
Currently trading around $62,650, Bitcoin has experienced a price increase of over 4.45% in the last 24 hours. During the same period, trading volume increased by 12%, indicating greater participation from traders and investors, likely due to BTC’s recent price recovery.
Bitcoin technical analysis and upcoming level
According to expert technical analysis, BTC appears bullish as it has formed a double bottom price action pattern in the daily time frame, indicating a potential upside rally. Moreover, BTC found support at the 200 Exponential Moving Average (EMA) on the daily time frame, further suggesting that it is in an uptrend.
Based on the historical price momentum, if BTC breaks the neckline of the double bottom price action pattern at the $63,250 level and closes a daily candle above it, there is a high possibility that it could rise towards the $67,500 level in the coming days. Additionally, BTC’s Relative Strength Index (RSI) is currently in oversold territory, further supporting this bullish outlook.
Credit : coinpedia.org
