Bitcoin Bull Flag Points to Rally as BlackRocks $872M Buy Fuels Interest
- BlackRocks $872M Bitcoin buy signals strong institutional interest, but the price remains resistant.
- Bitcoins bull flag pattern hints at a possible rally once resistance levels are breached.
- U.S. elections may spark BTC volatility, as investors anticipate economic shifts post-election.
Crypto Rover recently noted a bullish outlook for the Bitcoin with a possibility of a bull flag pattern as institutional investors become more interested. In a recent YouTube video, Rover revealed that BlackRock, allegedly acquired more than 12,000 BTC in a single day, with a total worth of about $872 million. This is the biggest BTC acquisition by BlackRock, evidencing high institutional FOMO regarding the premier cryptocurrency.
Source: Image by CryptoRover
These inflows were recorded but the price of BTC did not shoot up at the same time. The analysts also pointed out that BTC has strong levels of resistance, meaning that the large orders, such as the one from BlackRock, will not push the prices up. This is probably due to large sell orders at the current prices and therefore Bitcoin is stuck in a range right below its recent highs.
Bitcoin Bull Flag Signals
The formation of a bull flag pattern on Bitcoins chart is a good sign that the price will rise further. Bull flags particularly are a technical analysis where a stock corrects after a rise and then continues its upward trend. This is after a rally that saw cryptocurrency prices shoot up then gradually plateau to trade within a certain range with support along the lower edge of the range and resistance along the upper edge of the range. Pumpers assert that a break through this level may open the door to another powerful rally, in the same way that the price of token rose in previous cycles.
Source: Chart by CryptoRover
Also, the U.S. elections are slated for the next few days and this will put some volatility into Bitcoins price. As historical data reveled that many political events could lead to short-term volatility of the crypto market as a result of policy changes or the change in the attitude of investors. After the election, it is possible that there is even higher activity, especially given some analysts expectations for higher volatility arising from investors reacting to possible changes in economic conditions.
Source: Image by Crypto Rover
Record Bitcoin ETF Inflows
The recent inflows into Bitcoin ETFs underscore this shift significantly given there has been an unequivocal increase in institutional adoption of cryptocurrency. First-year inflows for the Bitcoin spot ETF are said to be record-high, showing how large investors are keen to gain exposure to the asset. This is seen as the new wave of adoption by the masses, and makes for a positive future for coins price.
While Bitcoin is still trying to break through the resistance levels, retail and institutional investors are waiting. A number of technical factors and high demand ensure the further growth of BTC, which is close to important levels of support and resistance.
Read more: https://www.tronweekly.com/bitcoin-bull-flag-points-to-rally-as-blackrocks/
Text source: TronWeekly
