BlackRock Increases Its Bitcoin Holding by Purchasing 4,323 BTC Worth Nearly $293.41 Million, BTC Could Reach New ATH

The world's largest asset management BlackRock, has once again made a significant move in the cryptocurrency industry. On October 16, 2024

BlackRock, the world's largest asset management company, has made another major move in the cryptocurrency industry. On October 16, blockchain transactions tracker Lookonchain reported that BlackRock had increased its Bitcoin holdings by 4,323 BTC, valued at nearly $293.41 million.

According to CoinPedia, the asset management behemoth had previously sold 182 BTC on October 11 for a total of $11.34 million. However, BlackRock's recent BTC purchase has instilled optimism among investors and traders as the asset approaches a strong resistance level where it has faced significant selling pressure and a price drop of over 20% in the past.

Expert technical analysis indicates a bullish trend for BTC, with strong resistance at the upper boundary of the descending channel pattern. BTC has reached this level almost six times since March 2024, each time leading to a price decline.

However, the narrative appears to be shifting this time around. If BTC manages to cross the resistance and close a daily candle above the $68,800 level, there is a strong possibility that the asset could reach its all-time high and potentially set a new one.

This bullish sentiment is further supported by on-chain metrics. According to CoinGlass, a provider of on-chain analytics, BTC's Long/Short ratio currently stands at 1.03, indicating bullish sentiment among traders.

Additionally, its futures open interest has increased by 4.9% over the past 24 hours, suggesting a build-up of traders' positions compared to the previous day.

According to CoinGlass, the major liquidation levels are currently at $67,300 on the lower side and $68,600 on the upper side, with traders being over-leveraged at these levels.

If sentiment remains unchanged and BTC reaches the $68,600 level, nearly $568,400 in short positions will be liquidated. On the other hand, if sentiment shifts and the price drops to $67,300, approximately $6.7 million in long positions will be liquidated.

Upon examining these liquidation data, it appears that bulls' bets on long positions are significantly higher compared to bears' short positions.

At press time, BTC is trading around the $68,010 level, having experienced a price increase of over 1.7% in the past 24 hours. During the same period, its trading volume surged by 12%, indicating a higher participation from traders and investors compared to the previous day.

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