Whale Acquires Bitcoin (BTC), But the Benefactor is Not BlackRock
The Bitcoin price is currently in a vulnerable position, and there is divided opinion among analysts on whether the worst is behind for its price. On-chain data suggests that Bitcoin whales are accumulating, with a recent uptick in accumulation for whales holding over 10,000 BTC. However, rumors that BlackRock is involved in this accumulation are unfounded, as the financial behemoth would require actual Bitcoin to back their Spot ETF and undergoes regular audits. BlackRock has shown interest in the Bitcoin space by investing in Bitcoin mining stocks and being a major shareholder in four out of the five largest Bitcoin mining companies.
Analysts are divided on the trajectory of the Bitcoin price. Some believe there is a risk of a retest of the lows seen in Q1 2020, pointing to factors such as low Trading volumes, declining Google search trends for Bitcoin, and low volatility levels. However, others note that the supply of Bitcoin has been drying up, which historically signals the end of bear markets and could ignite the next bull Market with a spark of demand. Traders are closely monitoring key support levels, with the $26,000 range being significant, as it marks the daily, weekly, and monthly open, high volume node, and weekly VWAP.
Rekt Capital, a well-regarded crypto analyst, highlights the significance of the $26,000 support level on the weekly chart, but also expresses concern over declining buy-side and sell-side volumes, suggesting a lack of momentum in the market. A breach below the $26,000 mark could potentially send BTC tumbling towards $22,000, but there is hope for a bullish turnaround if Bitcoin approaches the $24,000 mark and forms an inverse head and shoulders pattern.
Overall, the Bitcoin price remains uncertain, with the potential for a retest of previous lows or a bullish turnaround depending on market dynamics and key support levels..
#Whales #Accumulate #Bitcoin #BTC #BlackRock
The Bitcoin price is currently in a vulnerable position, and there is divided opinion among analysts on whether the worst is behind for its price. On-chain data suggests that Bitcoin whales are accumulating, with a recent uptick in accumulation for whales holding over 10,000 BTC. However, rumors that BlackRock is involved in this accumulation are unfounded, as the financial behemoth would require actual Bitcoin to back their Spot ETF and undergoes regular audits. BlackRock has shown interest in the Bitcoin space by investing in Bitcoin mining stocks and being a major shareholder in four out of the five largest Bitcoin mining companies.
Analysts are divided on the trajectory of the Bitcoin price. Some believe there is a risk of a retest of the lows seen in Q1 2020, pointing to factors such as low Trading volumes, declining Google search trends for Bitcoin, and low volatility levels. However, others note that the supply of Bitcoin has been drying up, which historically signals the end of bear markets and could ignite the next bull Market with a spark of demand. Traders are closely monitoring key support levels, with the $26,000 range being significant, as it marks the daily, weekly, and monthly open, high volume node, and weekly VWAP.
Rekt Capital, a well-regarded crypto analyst, highlights the significance of the $26,000 support level on the weekly chart, but also expresses concern over declining buy-side and sell-side volumes, suggesting a lack of momentum in the market. A breach below the $26,000 mark could potentially send BTC tumbling towards $22,000, but there is hope for a bullish turnaround if Bitcoin approaches the $24,000 mark and forms an inverse head and shoulders pattern.
Overall, the Bitcoin price remains uncertain, with the potential for a retest of previous lows or a bullish turnaround depending on market dynamics and key support levels..
#Whales #Accumulate #Bitcoin #BTC #BlackRock
