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Bitcoin News: BlackRock $105M BTC Bet Fuels Massive Bullish Sentiment
Bitcoin (BTC) is very much in the news right now as institutional investors, led by BlackRock, inject so much money into the market. According to SosoValue data, BlackRock made $105 million worth of BTC purchases. This amount of money looks like more institutions are getting into Bitcoin further leading to more bullish sentiment on the BTC in the coming weeks.
Trump’s Bitcoin Vision: A Push for U.S. Crypto Dominance
US President Donald Trump has often leaned on the pro-Crypto side, according to the latest statement he has made.
“The U. S. will forever be a superpower in the world of Bitcoin and I firmly believe that in my second and final term, I will set an example of global leadership in its growth, ”
Trump remarked at the Digital Asset Summit hosted by Blockworks on March 20. The pro-Bitcoin message is likely to translate into increased adoption and regulation clarity — this could fuel the relative price appreciation of BTC in the long run.
Whale Accumulation at Record Highs
On-chain data from Glassnode shows a major increase in the number of whale wallets that hold more than 1, 000 BTC. Those wallets are from 2,040 up to 2, 079. At present, these wallets are resting at 2,077 which may be referring to an uptrend. In the past, whale accumulation has led to a major Bitcoin rally, thus suggesting a possible upside in the near term.
Also this week around 10,000 BTC were removed from exchanges, this is a classic sign of long-term holding. If the supply on exchanges becomes very low, there is usually going to be a supply crunch, which causes the price to move up.
New Investors Capitalizing on Market Dips
As well as institutional investors, retail investors are also becoming involved in the market in a big way. After Bitcoin descended from $96,500 to $82,300 on February 23, new investors collected some 172,705 BTC according to CryptoQuant. The sudden rush of cash can be attributed to solid buy-the-dip activity. Such activity can be traced back to the December FTX collapse. And it’s a sign that another bull run is likely on the way.
Market Sentiment and Technical Analysis: Key Levels to Watch
Bitcoin is trading in a rising channel now and is currently testing resistance at $84,500. The 20-day SMA and 200-day SMA are at the same place, so there’s a pretty good chance for it to break out above this resistance area. If it can move above this resistance area we could see BTC move up to $90,775 and then hopefully $95,033.
Source: TradingView
However, if the price doesn’t break resistance we may see a drop towards the key support levels at $80,000, and if not around $76,000. The Relative Strength Index (RSI) stands at 46, indicating neutral momentum with room for volatility in either direction.
Historical Patterns Suggest a Potential 66% Rally
Bitcoin price history is littered with evidence of how breaking a falling wedge pattern has led to a comparatively average 66%+ jump in price. In the past six months, BTC has rallied 63% and 72% from similar technical setups. It appears that the price is currently just shy of an important price breakout if history is any indicator. Perhaps Bitcoin will hit new all-time highs.
Traders Sitting at a Loss: A Bullish Signal?
Now speculators are sitting at an average loss of -13.86% and that usually indicates selling pressure as you know it historically falls this low which means people who thought they would sell have probably already done so setting the stage for some upside momentum.
Is Bitcoin Ready for a Bull Run?
With institutional accumulation, tremendous retail investor participation, and bullish historical patterns, Bitcoin appears to be on the cusp of its next massive price move. If the pionner currency breaks above $84,500, A breakout will offer the start of a swift rise to $90,000 and beyond.
