BlackRock Invests Millions in Bitcoin Amid Price Drop

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BlackRock Invests in Bitcoin: Is a Bull Market on the Horizon?

BlackRock, the American multinational investment company, has accumulated millions worth of Bitcoin as the cryptocurrency’s price fell below $43,000. BlackRock’s purchase of 11,500 BTC on January 15th could potentially indicate an impending bull market.

Market Situation: Bear Market Despite Institutional Purchases

Despite the ETF approval, which many saw as a positive step for Bitcoin, the cryptocurrency’s price experienced a decline. The price fell below the $43,000 mark and was at $42,894.93 according to CoinMarketCap at the time of printing, with a market capitalization of over $840 billion. The selling pressure on Bitcoin was high and the indicators looked bearish.

Nevertheless, institutional investors did not stop buying Bitcoin. BlackRock purchased 11,500 BTC on January 15th, which were worth more than $490 million at the time of printing.

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Selling Pressure and Exchange Reserves Increase

Analyses painted a bearish picture indicating a sell-off. Specifically, the supply of Bitcoin on exchanges increased, while the supply off-exchanges decreased, meaning the selling pressure was high. In addition, data from CryptoQuant showed that Bitcoin’s exchange reserve was increasing. Moreover, the aSORP was red, indicating that more investors were selling at a profit.

Turnaround to Bull Market Possible?

Although the above metrics looked bearish, the price of Bitcoin reached a crucial resistance level on January 15th. This level had previously triggered a bull rally in 2020. Therefore, a turnaround to a bull market could be possible in the near future.

Bitcoin’s Relative Strength Index (RSI) gained upward momentum and moved towards the neutral mark. However, other indicators were not positive. Bitcoin’s MACD showed a clear bearish advantage and the Chaikin Money Flow (CMF) was retreating, indicating increased chances of a price decline.

It remains to be seen whether the accumulation of Bitcoin by institutional investors like BlackRock will have a positive impact on the cryptocurrency’s price and whether a bull market is imminent.

Sources: CoinMarketCap, CryptoQuant, TradingView

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