BlackRock, one of the largest asset management firms, recently made headlines in the crypto world with its significant moves in the market. Despite selling off 182 BTC worth $11.34 million, the company made a bullish statement by purchasing 7,574 ETH worth $18.52 million. This increased BlackRock’s ETH holdings to 414,168 ETH, valued at $1.01 billion. This move indicates that the asset manager remains optimistic about the cryptocurrency market.
On the other hand, CryptoRus reported a massive sell-off of 24,100 BTC at a loss by investors and whales in the past 24 hours. This sell-off occurred before Bitcoin’s recent price rebound, signaling a bearish sentiment among BTC holders when the price dipped below $60,000.
Despite these market movements, Bitcoin is currently trading near $62,650, showing a price surge of over 4.45% in the last 24 hours. The increased trading volume suggests heightened participation from traders and investors following Bitcoin’s recovery.
Technical analysis indicates a bullish outlook for Bitcoin as it has formed a double-bottom pattern on the daily chart, indicating a potential upward trend. The cryptocurrency also found support at the 200 Exponential Moving Average (EMA) on the daily chart, reinforcing the uptrend sentiment.
Based on historical price momentum, if Bitcoin breaks the neckline of the double-bottom pattern at the $63,250 level and closes above it, there is a strong possibility of a rally towards the $67,500 level in the near future. Additionally, Bitcoin’s Relative Strength Index (RSI) is currently in the oversold region, supporting the bullish thesis for the cryptocurrency.
Overall, despite initial sell-offs and bearish sentiments, BlackRock’s ETH purchase and Bitcoin’s technical indicators point towards a positive outlook for the cryptocurrency market. Investors and traders will be closely monitoring these developments to capitalize on potential price movements in the coming days.