Bitcoin (BTC) has been experiencing a shift in sentiment towards the bullish side as of late. On December 4, 2024, blockchain intelligence firm Arkham took to X (formerly Twitter) to announce that BlackRock, the world’s largest asset manager, had made a substantial purchase of Bitcoin.
According to Arkham’s post, BlackRock had acquired a significant $1 billion worth of Bitcoin over the span of three days. This news comes amidst a trend of various companies from different sectors, including medical and financial, making notable purchases of the digital asset. This surge in buying activity could potentially signify a period of accumulation in the market.
Since November 11, 2024, BTC’s price has been consolidating, leading whales, institutions, and retail investors to show increased confidence and interest in the cryptocurrency. This has resulted in significant withdrawals from exchanges, further indicating a positive outlook for Bitcoin.
In addition to BlackRock’s recent purchase, data from Coinglass shows that exchanges have witnessed a substantial outflow of $963.35 million since the beginning of December 1, 2024. Outflows, which refer to the movement of assets from exchanges to wallet addresses, typically suggest a buying opportunity, reduce selling pressure, and hint at a potential upward rally.
Furthermore, technical analysis experts have shared an optimistic view on Bitcoin’s price action. BTC has recently broken out of a symmetrical triangle pattern on the four-hour timeframe and is now aiming towards the $100,000 milestone. If Bitcoin manages to close a four-hour candle above the $98,000 level, there is a strong likelihood that it could surpass its all-time high of $99,588 and reach the coveted $100,000 mark.
As of the latest update, Bitcoin is trading around $97,900 with a 2.10% price surge in the past 24 hours. The trading volume has also seen an 11% increase during this period, indicating a growing participation from traders and investors amid the prevailing bullish market sentiment.
Overall, with BlackRock’s significant Bitcoin purchase, the surge in outflows from exchanges, and positive technical indicators, the cryptocurrency market is poised for an exciting period ahead. Investors and traders are eagerly anticipating Bitcoin’s potential breakout towards new all-time highs in the near future.