{"id":364212,"date":"2024-01-17T00:00:00","date_gmt":"2024-01-16T18:30:00","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=364212"},"modified":"2024-01-16T17:47:49","modified_gmt":"2024-01-16T12:17:49","slug":"blackrock-buys-11k-btc-will-this-help-kickstart-a-bull-run","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/blackrock-buys-11k-btc-will-this-help-kickstart-a-bull-run\/","title":{"rendered":"BlackRock buys 11K BTC: Is a bull run coming up?"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">BTC\u2019s price moved marginally over the last 24 hours.\u00a0<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Selling pressure on BTC was high, and indicators looked bearish.\u00a0<\/span><\/em><\/li>\n<\/ul>\n<p><a href=\"http:\/\/ambcrypto.com\/category\/bitcoin-news\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bitcoin\u2019s [BTC]<\/span><\/a><span style=\"font-weight: 400;\"> price witnessed a downfall days after the much-awaited ETF approval. However, institutional investors grabbed this opportunity to accumulate more BTC. Will this stockpiling have a positive impact on the king coin\u2019s price?<\/span><\/p>\n<h4><b>Bitcoin to recover soon?<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">The ETF approval scene was a disaster for the king of cryptos, as its price went under the $43,000 mark. According to<\/span> <a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400;\">, BTC was trading at $42,894.93 at press time, with a market capitalization of over $840 billion. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Regardless, institutional investors did not stop buying BTC. On the 15th of January, American multinational investment company BlackRock bought 11.5k BTC. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">AMBCrypto\u2019s<\/span> <a href=\"http:\/\/ambcrypto.com\/convert\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">converter<\/span><\/a><span style=\"font-weight: 400;\"> revealed that the stockpiled BTCs were worth more than $490 million at press time.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">BlackRock buys 11,500 Bitcoin during the dip.<\/p>\n<p>Bought enough Bitcoin to cover what would be mined in 13 days. <a href=\"https:\/\/t.co\/6cI6npxg7s\">pic.twitter.com\/6cI6npxg7s<\/a><\/p>\n<p>&mdash; Kashif Raza (@simplykashif) <a href=\"https:\/\/twitter.com\/simplykashif\/status\/1746825373948715495?ref_src=twsrc%5Etfw\">January 15, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">AMBCrypto also took a look at other datasets to better infer whether the king coin was facing high buying pressure at press time. Our analysis revealed a bearish picture, suggesting a sell-off. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Most importantly, BTC\u2019s Supply on Exchanges rose while its Supply outside of Exchanges dropped, meaning the selling pressure was high.<\/span><\/p>\n<figure id=\"attachment_364213\" aria-describedby=\"caption-attachment-364213\" style=\"width: 3840px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Bitcoin-BTC-15.21.48-16-Jan-2024.png\"><img decoding=\"async\" class=\"wp-image-364213 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Bitcoin-BTC-15.21.48-16-Jan-2024.png\" alt=\"\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Bitcoin-BTC-15.21.48-16-Jan-2024.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Bitcoin-BTC-15.21.48-16-Jan-2024-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Bitcoin-BTC-15.21.48-16-Jan-2024-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Bitcoin-BTC-15.21.48-16-Jan-2024-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Bitcoin-BTC-15.21.48-16-Jan-2024-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Bitcoin-BTC-15.21.48-16-Jan-2024-2048x693.png 2048w\" sizes=\"(max-width: 3840px) 100vw, 3840px\" \/><\/a><figcaption id=\"caption-attachment-364213\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Not only that, but CryptoQuant\u2019s<\/span> <a href=\"https:\/\/cryptoquant.com\/asset\/btc\/summary\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">data<\/span><\/a><span style=\"font-weight: 400;\"> pointed out that BTC\u2019s exchange reserve was increasing. Moreover, its aSORP was red, meaning that more investors were selling at a profit. In the middle of a bull market, it can indicate a market top.<\/span><\/p>\n<figure id=\"attachment_364214\" aria-describedby=\"caption-attachment-364214\" style=\"width: 573px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/CryptoQuant-BTC-1-6.png\"><img decoding=\"async\" class=\"wp-image-364214 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/CryptoQuant-BTC-1-6.png\" alt=\"\" width=\"573\" height=\"423\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/CryptoQuant-BTC-1-6.png 573w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/CryptoQuant-BTC-1-6-300x221.png 300w\" sizes=\"(max-width: 573px) 100vw, 573px\" \/><\/a><figcaption id=\"caption-attachment-364214\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<h4><b>Is a trend reversal possible?<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Though the above metrics looked bearish, on the 15th of January, the price of the king coin had reached a crucial<\/span><span style=\"font-weight: 400;\">\u00a0<a href=\"https:\/\/twitter.com\/MikybullCrypto\/status\/1746782714798166232?s=20\" target=\"_blank\" rel=\"noopener\">resistance level<\/a>. This level had previously triggered a bull rally back in 2020.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Read<\/span> <a href=\"http:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bitcoin\u2019s [BTC] Price Prediction<\/span><\/a><span style=\"font-weight: 400;\"> 2024-25<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Therefore, to better understand the viability of a<\/span>\u00a0<a href=\"http:\/\/ambcrypto.com\/bitcoin-what-to-look-out-for-as-btc-sends-mixed-signals\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">BTC<\/span><\/a><span style=\"font-weight: 400;\"> bull rally in the near term, AMBCrypto checked its daily chart. We found that Bitcoin\u2019s Relative Strength Index (RSI) gained upward momentum and was headed toward the neutral mark at press time.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, other indicators were not positive. Bitcoin&#8217;s MACD displayed a clear bearish advantage. Its Chaikin Money Flow (CMF) also went down, showing increased chances of a price decline.<\/span><\/p>\n<figure id=\"attachment_364215\" aria-describedby=\"caption-attachment-364215\" style=\"width: 1563px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/BTCUSD_2024-01-16_15-26-54.png\"><img decoding=\"async\" class=\"wp-image-364215 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/BTCUSD_2024-01-16_15-26-54.png\" alt=\"\" width=\"1563\" height=\"791\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/BTCUSD_2024-01-16_15-26-54.png 1563w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/BTCUSD_2024-01-16_15-26-54-300x152.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/BTCUSD_2024-01-16_15-26-54-1024x518.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/BTCUSD_2024-01-16_15-26-54-768x389.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/BTCUSD_2024-01-16_15-26-54-1536x777.png 1536w\" sizes=\"(max-width: 1563px) 100vw, 1563px\" \/><\/a><figcaption id=\"caption-attachment-364215\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>BlackRock accumulated Bitcoin worth millions as the king coin\u2019s price went below $43k.\u00a0<\/p>\n","protected":false},"author":75,"featured_media":364216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[],"class_list":["post-364212","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>BlackRock buys 11K BTC: Is a bull run coming up? 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