Is BlackRock Selling Bitcoin, Buying Ethereum, and Sending Bullish Signals for Cryptocurrencies?
Despite Bitcoin (BTC)’s impressive price recovery, asset management giant BlackRock has taken a significant step to capture the attention of cryptocurrency enthusiasts. Recently, blockchain-based transaction tracker Lookonchain posted on X (formerly Twitter) that BlackRock sold 182 BTC worth $11.34 million.
BlackRock ETH holdings increase
Following this massive sell-off, the asset manager purchased 7,574 ETH worth $18.52 million and increased its holdings to 414,168 ETH, currently worth $1.01 billion. However, this does not appear to be a bearish signal as BlackRock’s purchase of ETH indicates that it remains bullish in the cryptocurrency market.
Sell 24,100 BTC
Despite BlackRock’s update, another trade tracker CryptoRus shared a post on However, this notable sell-off occurred before the Bitcoin price rebounded.
The data shows that BTC holders were on a downtrend when they fell below $60,000, but appear to be trapped.
Current price momentum
Bitcoin is currently trading near $62,650 and has experienced a price surge of over 4.45% in the last 24 hours. The 12% surge in trading volume over the same period appears to be due to increased participation from traders and investors following the recent BTC price recovery.
Bitcoin technical analysis and future levels
According to expert technical analysis, BTC appears to be bullish as it has formed a double bottom price action pattern on daily time frames, indicating a potential upside bounce. BTC also found support at the 200 exponential moving average (EMA) on the daily time frame, further suggesting that it is in an upward trend.
Based on historical price momentum, a bounce to the $67,500 level is likely in the coming days if BTC breaks the neckline of the double bottom price action pattern at the $63,250 level and closes the daily candle above it. Additionally, BTC’s Relative Strength Index (RSI) is currently in oversold territory, further supporting this bullish outlook.