Whale Confidence Grows as Bitcoin Stays Strong—What’s Next for BlackRock?

• A whale with $181M in profits on Bitcoin just added 200 BTC, showing confidence despite recent price swings.
• Bitcoin faces key resistance at $63,285, but bullish MACD signals could push momentum upward in the near term.
• BlackRock shifts focus, selling 182 BTC and buying 7,574 ETH, signaling potential confidence in Ethereum’s future.

The price of Bitcoin is still strong trading at $62,939, above its exponential moving average (EMA) of $62,203 for a 30-period period. A smart whale has profited from Bitcoin trades for over $181 million, and it recently added 200 more BTC to its portfolio. This move reflects growing confidence in Bitcoin, especially following recent fluctuations.

The whale previously bought 6,000 BTC between August and early September at an average price of $26,429. Additionally, they bought another 2,000 BTC before the Bitcoin ETF launch in January at $44,381. As of today, the whale holds over $165 million in Bitcoin assets.

Whale Trading Patterns and Market Resistance

The Fibonacci retracement levels on the Bitcoin chart indicate key price areas for potential market movements. The immediate resistance lies at $63,285, correlating with the 23.6% Fibonacci level. Bitcoin faces another resistance level at $62,318, marking a 38.2% retracement.

Source: CryptoRank

These price points are crucial for short-term traders watching the market closely. However, on the support side, Bitcoin is expected to hold steady around the 50% retracement level at $59,920. If prices drop further, $54,107 and $49,757 represent additional critical support levels.

Moreover, the MACD indicator shows a bullish trend forming, with the MACD line crossing above the signal line. Besides that, a shift towards positive momentum is indicated as the histogram displays smaller red bars, suggesting weakening bearish pressure.

BlackRock’s Strategic Adjustment and ETH Shift

In contrast to Bitcoin accumulation, BlackRock made adjustments to its crypto portfolio. The asset manager recently sold 182 BTC worth $11.34 million, reducing its Bitcoin holdings to 369,640 BTC, which are valued at $23.02 billion.

At the same time, BlackRock increased its Ethereum holdings by purchasing 7,574 ETH for $18.52 million. This shift could indicate growing confidence in Ethereum’s future prospects, especially with recent discussions around ETFs and long-term yield potential.

BlackRock sold $BTC and bought $ETH!

BlackRock sold 182 $BTC($11.34M) and currently holds 369,640 $BTC($23.02B).https://t.co/kqNUqHBiTn

BlackRock bought 7,574 $ETH($18.52M) and currently holds 414,168 $ETH($1.01B).https://t.co/sefS6WTlHz pic.twitter.com/ljZW1Nn1xc

— Lookonchain (@lookonchain) October 11, 2024

Consequently, analysts remain divided on BlackRock’s intentions. Some believe the company is positioning itself for an ETH rally, while others see this as a response to client-driven demand through ETF products. Despite the changes, BlackRock continues to have a strong preference for Bitcoin over Ethereum.

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