bullish

Bitcoin

BlackRock

<p>Bitcoin (BTC), the world’s largest digital asset by market capitalization is witnessing a shift in sentiment toward the bullish side. On December 4, 2024, blockchain intelligence firm Arkham made a post on X (formerly Twitter) that BlackRock, the world’s largest asset manager had purchased a significant amount of Bitcoin.</p>  
<h2 class="wp-block-heading" id="h-blackrock-buys-1-billion-of-bitcoin-nbsp"><strong>BlackRock Buys $1 Billion of Bitcoin&nbsp;</strong></h2>  
<p>In a post on X, Arkham noted that BlackRock had purchased a substantial $1 billion worth of <a href="https://coinpedia.org/price-analysis/bitcoin-analysis-dec-4-will-it-rise-or-fall-back-to-87600/" rel="noopener noreferrer nofollow">Bitcoin</a> over the past three days. However, readers should note that, over the past week, several firms across industries, from medical to financial, have made significant purchases, indicating a potential sign of accumulation.</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/arkham/status/1864366433427185953
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</figure>  
<p>Since November 11, 2024, BTC’s price appears to be in a consolidation zone, which may explain why whales, institutions, and retailers are continuously showing confidence and interest in the asset, making significant withdrawals from exchanges.</p>  
<h2 class="wp-block-heading" id="h-963-million-of-btc-outflow"><strong>$963 Million of BTC Outflow</strong></h2>  
<p>Besides BlackRock's recent purchase, since the beginning of December 1, 2024, exchanges across the cryptocurrency landscape have witnessed a significant outflow of $963.35 million, as reported by <a href="https://www.coinglass.com/currencies/BTC" target="_blank" rel="noopener noreferrer nofollow">Coinglass</a>. In the context of cryptocurrency, outflow refers to the transfer of assets from exchanges to wallet addresses.</p>  
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/12/05034309/image-27.png" rel="noopener noreferrer nofollow"><img src="https://image.coinpedia.org/wp-content/uploads/2024/12/05034309/image-27-1024x294.png" alt="" class="wp-image-389329"></a>
 <figcaption class="wp-element-caption">
  Source: Coinglass
 </figcaption>
</figure>  
<p>Additionally, outflows hint at a potential buying opportunity, reduce selling pressure, and suggest a possible upside rally.</p>  
<h2 class="wp-block-heading" id="h-bitcoin-technical-analysis-and-upcoming-levels"><strong>Bitcoin Technical Analysis and Upcoming Levels</strong></h2>  
<p>In addition to these bullish on-chain metrics, an expert has shared a positive outlook for Bitcoin. According to the expert's technical analysis, BTC has broken out of a symmetrical triangle price action pattern on the four-hour timeframe and is heading toward the $100,000 mark.</p>  
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/12/05034235/BTCUSDT_2024-12-05_03-42-24.png" rel="noopener noreferrer nofollow"><img src="https://image.coinpedia.org/wp-content/uploads/2024/12/05034235/BTCUSDT_2024-12-05_03-42-24-1024x448.png" alt="" class="wp-image-389328"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure>  
<p>Based on the recent price action, if BTC closes a four-hour candle above the $98,000 level, there is a strong possibility it could breach its all-time high of $99,588 and reach the $100,000 mark.</p>  
<h3 class="wp-block-heading" id="h-btc-current-price-momentum-nbsp"><strong>BTC Current Price Momentum&nbsp;</strong></h3>  
<p>At press time, BTC is trading near $97,900 and has registered a price surge of 2.10% in the past 24 hours.&nbsp; During the same period, its trading volume increased by 11%, indicating heightened participation from traders and investors amid bullish market sentiment.</p>

Time to Buy BTC? BlackRock Adds $1 Billion to Bitcoin Holdings

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