The cryptocurrency market has seen a significant recovery in the past few days, with asset management giant BlackRock making a noteworthy Bitcoin (BTC) purchase. On September 28, 2024, BlackRock acquired 1,684 BTC valued at $110.7 million, according to on-chain analytic firm Lookonchain.
This recent purchase adds to BlackRock’s growing Bitcoin holdings, as the asset manager has bought a total of 7,578 BTC worth $497.6 million in just four days. With these acquisitions, BlackRock now holds a substantial 365,310 BTC valued at $24.04 billion.
Despite BlackRock’s buying spree, Bitcoin’s price has remained relatively unchanged over the last 24 hours, trading near $65,760 with a slight decrease of 0.15%. The trading volume has also decreased by 52.93%, indicating lower investor participation.
While there may be hesitancy within the crypto community amid fears of a potential price crash, BlackRock’s continued BTC purchases suggest a promising buying opportunity. Technical analysis shows that Bitcoin is currently in a bullish trend after breaking a key resistance level of $65,000 and trading above the 200 Exponential Moving Average (EMA) on a daily timeframe.
Experts predict that Bitcoin’s price could soon reach $68,000 based on historical price momentum. If the bullish sentiment continues and whales keep increasing their BTC holdings, it is likely that Bitcoin will surpass its all-time high.
In addition to Bitcoin, other major cryptocurrencies such as Ethereum (ETH), Solana (SOL), and Binance Coin (BNB) have also shown stability in their prices. This could indicate a period of price correction or accumulation in the market.
Overall, BlackRock’s significant Bitcoin purchases reflect a growing confidence in the digital asset, pointing towards potential growth opportunities in the cryptocurrency market.