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Is BlackRock Propping Up Bitcoin Price? Market Analyst Shares Details

Is BlackRock Propping Up Bitcoin Price? Market Analyst Shares Details

Sebastian Villafuerte
by Sebastian Villafuerte
11 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin has faced a turbulent week, with price swings ranging from a local high of $69,500 to a low of $65,000, cooling off after weeks of bullish excitement. Now, BTC is consolidating just below the crucial $70,000 level, a price point seen as a key threshold for the next major move. 

Despite the price cooling, top investors and analysts are keeping a close watch on market dynamics. CryptoQuant analyst and prominent investor Maartunn recently shared a chart highlighting a significant increase in BlackRock’s balance and balance changes in BTC, suggesting that the financial giant may be strategically propping up the market.

Related Reading: Bitcoin Whales Are Growing As Retail Shrinks – A Sign Of Strength?

This insight into BlackRock’s growing involvement has sparked new optimism among investors, who view institutional support as a powerful foundation for Bitcoin’s potential rally. The company’s increased presence in the BTC market, as shown by Maartunn’s analysis, implies a deepening commitment that could bring greater stability and strength to BTC prices in the coming weeks.

As Bitcoin stabilizes below $70,000, these signals from large players like BlackRock add an extra layer of anticipation to the market, with analysts speculating that their influence could propel BTC through critical resistance levels.

Bitcoin Growth Sustained By Institutions

Bitcoin is approaching a pivotal moment, with market sentiment strongly favoring a push to new all-time highs in the near future. Analysts and investors are growing increasingly optimistic as ETF flows have shown consistent positivity over the past few weeks, bolstering expectations for BTC’s upward trajectory. Price action, too, has been resilient, consolidating near critical resistance levels and signaling underlying strength in the market.

A recent analysis by top analyst Maartunn sheds light on an intriguing dynamic involving BlackRock’s BTC holdings. Maartunn shared a chart revealing BlackRock’s Bitcoin balance and its net balance changes, indicating that the financial giant may be subtly propping up the market. 

BlackRock Bitcoin Balance & Balance Change
BlackRock Bitcoin Balance & Balance Change | Source: Maartunn on X

The chart highlights a notable trend: positive balance changes at BlackRock have overwhelmingly outweighed negative ones, suggesting a sustained accumulation phase. This pattern implies that BlackRock may be positioning itself as a key BTC market maker, possibly providing liquidity and contributing to price stability in a highly volatile market.

Related Reading: Bitcoin Avg Profitability Index Hits 200% – Active Profit-Taking On The Horizon?

Such actions by BlackRock could prove to be a major catalyst for Bitcoin’s price, as institutional involvement historically encourages investor confidence and mitigates market downturns. With positive ETF flows and strategic accumulation from major players like BlackRock, the current setup points toward an environment primed for bullish movement. If BTC continues to hold these levels and institutional backing remains strong, the stage could be set for a rally that takes BTC to uncharted territory.

Bitcoin Testing Crucial Liquidity

Bitcoin is currently trading at $67,000 and appears to be forming a bullish flag pattern, which could potentially propel the price higher in the near term. The price has successfully held above the critical $65,000 level, providing a solid foundation for a bullish outlook as it indicates strong buyer interest. This key threshold has acted as support, preventing further declines and reinforcing the optimism among traders.

BTC trading below the $70,000 mark
BTC trading below the $70,000 mark | Source: BTCUSDT chart on TradingView

However, the next week will be crucial for Bitcoin. If the price fails to break above the $70,000 mark, a retracement to lower demand levels is likely. Such a move could test the 200-day moving average, currently situated at $63,275. Should BTC drop below the $65,000 mark, this area would become a focal point for traders seeking strong demand, as it has historically served as a significant support level.

Related Reading: Critical Bitcoin Indicator Flips Bullish – On-Chain Data Confirms BTC Uptrend

Maintaining the bullish flag pattern and overcoming resistance at $70,000 will be vital for sustaining upward momentum. Traders will closely monitor price action to determine whether BTC can continue its ascent or if a pullback to lower levels is on the horizon. The coming days will reveal whether bullish sentiment can push BTC to new heights.

Featured image from Dall-E, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Sebastian Villafuerte

Sebastian Villafuerte

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Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies. As his knowledge grew, Sebastian felt compelled to share his insights with others. He began actively contributing to online discussions on platforms like X and LinkedIn, focusing on fintech and crypto-related content. His goal was to expose valuable trends and insights to a wider audience, fostering a deeper understanding of the rapidly evolving crypto landscape. Sebastian's contributions quickly gained recognition, and he became a trusted voice in the online crypto community. To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi). The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology. Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K forms, or engaging in thought-provoking discussions about the future of finance. Sebastian's journey as a crypto analyst and investor has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable asset to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and contributing to the growth of this revolutionary technology.

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