Convergence

bullish

Bitcoin

Arkham

BlackRock

<ul>
 <li>Despite an 8.49% bottom under $30K, yet investment giants such as BlackRock and Fidelity stick to their bullish positions.</li>  
 <li>Institutional holders of Bitcoin do not seem to be intimidated by the MACD and RSI and other technical signals that suggest the bearish trend.</li>  
 <li>Large institutional investors such as BlackRock and Fidelity holding their stakes thus showing a different outlook between the groups.</li> 
</ul>  
<p>Recent data from Arkham has shown that firms like MicroStrategy, <a href="https://cryptonewsland.com/grayscale-ethereum-trust-etf-sees-1-5-billion-outflows/" target="_blank" rel="noopener noreferrer nofollow">Grayscale</a>, and others have not sold their investments, even amidst market fluctuations. This decision demonstrates the strong faith these institutions have in Bitcoin, despite the short-term market volatility.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/ArkhamIntel/status/1820467463341080624
 </div>
</figure>  
<h2 class="wp-block-heading" id="h-bitcoin-s-market-performance"><strong>Bitcoin’s Market Performance</strong></h2>  
<p>Currently priced at $54,978. 48, Bitcoin has a decrease of 8.49% in the past 24 hours. This decline has affected its market capitalization; which is currently at $1. 07 trillion. Currently, there are 19 million Bitcoins in circulation and an ultimate possible amount of 21,000,000 Bitcoins.&nbsp;</p>  
<p>The recent drop down to $50,000 has gone a long way in reducing the Bitcoin holders who are in a profit, significantly. Innovatek Mobile qualifie says that the last time Bitcoin saw such levels was in January when the price bottomed out around $39,000.</p>  
<p>The Moving Average Convergence Divergence (MACD) indicator further supports the bearish outlook. The MACD line has crossed below the signal line, with expanding negative histogram bars confirming downward momentum. Additionally, the Relative Strength Index (RSI) is at 26.3, placing Bitcoin in oversold territory, which may suggest a potential bounce or consolidation.</p>  
<figure class="wp-block-image"><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfQ3NmTzuf4kf5E1jXCkq6N1XqFsnMrZylApux7RUS6YjPrOcSJBfLYWkvpU_0EWRkJEKr-GUbh8nSnPDibUvWLxsmuOWxOs5ur1-Ahy02YVzi4sAztUeFKuTurIwCoAI9BpKAdrnwReNkVudMha6cyCOqi?key=d-h_kbob47X0DGaf83Akaw" alt="">
</figure>  
<p><em>Source:</em><a href="https://www.tradingview.com/chart/g5JsCsG5/?symbol=BTC%2FUSDT" rel="noopener noreferrer nofollow"><em>Trading view</em></a></p>  
<h2 class="wp-block-heading" id="h-blackrock-and-fidelity-holders-perspective"><strong>BlackRock and Fidelity Holders’ Perspective </strong></h2>  
<p>Such a decision made by BlackRock and Fidelity demonstrates that institutional investors are not leaving the market despite the decline. The given firms indeed seem to be concerned with the fundamental intrinsic value of Bitcoin rather than its PPS in the short-run sense.&nbsp;</p>  
<p>This strategy aligns with what is observed in other large players such as MicroStrategy or Grayscale that have not dumped their<a href="https://cryptonewsland.com/bitcoin-rsi-makes-historic-low-despite-microstrategy-buy/" target="_blank" rel="noopener noreferrer nofollow"> Bitcoin </a>in the recent bear phase. The recent decline, it has made retail investors more cautious, but for institutional investors such as BlackRock and Fidelity, they have not shown similar sentiments, which provides an insight into the forum’s longevity and underlying worth.</p> 
<p>The post <a href="https://cryptonewsland.com/blackrock-fidelity-hold-steady-on-bitcoin-despite-8-49-decline/" rel="noopener noreferrer nofollow">BlackRock, Fidelity Hold Steady on Bitcoin Despite 8.49% Decline</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

BlackRock, Fidelity Hold Steady on Bitcoin Despite 8.49% Decline

Table of Contents

Crypto News Land

Other articles published on Aug 6, 2024

Rollblock Set For Massive Price Jump; Injective and Optimism Enter Potential Buy Zone

Shiba Inu Skyrockets 588% in Whale Activity as 9 Trillion SHIB Transacted

India’s Tax Authorities Demand Over $86 Million in GST from Binance

TrustDice: A Guide to the Online Gaming and Betting Platform

Ripple’s Bold Ad Campaign Sparks Debate in Crypto Community

Expert Insights: Best AI Coins to Invest in Now

Join our free newsletter for daily crypto updates!