In recent days, the overall cryptocurrency market has recovered nicely. Amid this recovery, asset management giant BlackRock has continued to grow its Bitcoin (BTC) holdings. On September 28, 2024, the asset manager bought a significant 1,684 BTC worth $110.7 million, shared by an on-chain analytics company Lookonchain.
BlackRock’s Recent Bitcoin Purchase
In addition to the recent purchase, BlackRock acquired 7,578 BTC worth $497.6 million in just four days, which in itself explains Bitcoin’s potential and its growth prospects in the coming days. With all these acquisitions, BlackRock now owns a total of 365,310 BTC worth $24.04 billion.
Bitcoin current price momentum
Despite the massive purchases, Bitcoin hasn’t reacted much and has remained unchanged for the past 24 hours. Currently, BTC is trading around $65,760 and has experienced a negative 0.15% price change over the same period. Meanwhile, trading volume fell by 52.93%, indicating lower participation from investors and traders.
It appears that the crypto community is not participating in BTC, possibly due to the fear of another price crash. However, BlackRock’s BTC purchase signals an ideal buying opportunity.
Bitcoin technical analysis and upcoming levels
According to expert technical analysis, BTC seems bullish after the recent breach of a crucial resistance level at $65,000. It is currently trading above the 200 Exponential Moving Average (EMA) on a daily time frame, indicating an uptrend.
Based on the historical price momentum, there is a high possibility that Bitcoin price could reach the $68,000 level soon. However, if sentiment remains bullish and the whales continue to increase their BTC holdings, it is almost certain that the asset will break its all-time high.
Besides BTC, other major cryptocurrencies including Ethereum (ETH), Solana (SOL), Binance Coin (BNB) and many others also appear to be motionless. This market stability could indicate a potential sign of price correction or accumulation.
Credit : coinpedia.org
