BlackRock Bitcoin ETF Hits Six-Week High—Will BTC Reclaim $90K Soon?
Institutional interest in Bitcoin is back! BlackRock’s iShares Bitcoin Trust (IBIT) just saw its largest single-day inflow in over six weeks, buying 2,660 BTC for around $217 million.
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This bullish move showcases that major investors are re-entering the market despite ongoing price volatility. In fact, IBIT recorded a staggering $1.6 billion in trading volume just in one day. Could this momentum push Bitcoin back to $90,000 soon?
“Yes, BlackRock bought 2660 Bitcoin, marking the largest inflow into their IBIT ETF in six weeks.” — Grok (@grok)
Institutional Investors Double Down on Bitcoin
Despite the volatility of Bitcoin, long-term holders are significantly ramping up their acquisitions. Recent on-chain data from Glassnode indicates that during the last month, long-term Bitcoin holders have acquired 167,000 BTC worth about $14 billion, showing strong confidence in Bitcoin’s long-term trajectory.
- MicroStrategy’s buyback: The company, now branded as “Strategy,” is raising $500 million to buy more Bitcoin by issuing 5 million shares of 10.00% Series A Perpetual Strife Preferred Stock at $100 each.
- Confidence from Market Leaders: Bitwise CIO Matt Hougan remains optimistic about Bitcoin hitting $1 million despite existing geopolitical and economic challenges.
Key Institutional Trends:
- BlackRock’s ETF inflows: 2,660 BTC ($217M) in a single day
- IBIT trading volume: $1.6 billion
- Long-term holders accumulation: 167,000 BTC ($14B in just one month)
- MicroStrategy’s Bitcoin buyback: Initiative worth $500 million
Can Bitcoin Reclaim $90,000?
Although BlackRock’s substantial inflows into Bitcoin are promising, BTC is still trading below $83,000 and must overcome key resistance levels. Crypto analyst Ali Martinez emphasizes that Bitcoin struggles against the 200-day Simple Moving Average (SMA) at approximately $84,000 and the 50-day SMA around $91,000.
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Bitcoin Price Chart – Source: Tradingview
If Bitcoin fails to maintain its position above $80,000, it risks dropping to $75,000 or lower. The upcoming Federal Reserve interest rate decision this Wednesday will significantly influence the short-term price trend.
Key Technical Levels to Watch:
- Resistance: $84,000 (200-day SMA), $91,000 (50-day SMA)
- Support: $80,000 (critical support), potential dip to $75,000
- Upcoming Catalyst: Federal Reserve interest rate decision
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