BlackRock Playing Big Bitcoin Game đ
BlackRock, the worldâs largest asset manager and the top provider of Bitcoin Spot ETFs in the U.S., continues to shake up the crypto world with its strategic Bitcoin acquisitions. On October 21, 2024, BlackRock purchased 4,869 $BTC , valued at $328 million, according to blockchain data from Lookonchain.
BlackRockâs Bitcoin Acquisition Strategy
The timing of BlackRock's purchases is notable, occurring during market corrections, which indicates a deliberate buying strategy. This isn't the first time the company has added to its BTC holdings during downturns, as theyâve previously invested hundreds of millions in Bitcoin under similar conditions.
As a result of the recent purchase, BlackRock's Bitcoin holdings have increased to 391,484 BTC, valued at $26.45 billion. This continuous buying suggests confidence in Bitcoin's long-term prospects, regardless of short-term price movements. It also signals a bullish outlook for Bitcoin, hinting at a potential price surge.
Bitcoin's Technical Analysis and Future Outlook
Technical analysts note that Bitcoin is currently hovering around a critical support level of $66,500. If BTC fails to maintain this level and closes below it, the price could drop to $60,000. However, if market sentiment remains steady, Bitcoinâs price could initially rise to $72,000, with the potential for new all-time highs in the near future.
At the moment, Bitcoin is trading near $67,500, having gained 0.75% in the past 24 hours. Trading volume also increased by 8.5%, reflecting heightened interest from both traders and investors.
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