BlackRock buys additional 351 M BTC

BlackRock’s Bitcoin ETF bought $351.4M worth of assets on May 1 according to Farside Investors. Asset managers have bought BTC in the amount of $3.2 billion since April. 22.

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Bitcoin Gains Amid Big BlackRock Purchases

BlackRock has made recent investments at the same time as BTC is experiencing its latest rally. BTC has some resistance around the $97,000 level. The asset briefly breached $97,000 earlier today. Since then, the original cryptocurrency has fallen below $96,000.

BTC has been trading green across the board. Asset is up by 1% on the daily chart, 3.5% on the weekly chart, 14.8% on the 14-day chart, 14.3% monthly and 67.8% from May 2024.

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BTC could have also been aided by other positive developments. Paul Atkins is the new pro-BTC SEC head. He’s expected to have a more lenient attitude towards crypto. Perhaps we’re just at the start of a bullish trend.

Federal Reserve also is expected to lower rates very soon. Rate cuts will lead to an increase in borrowing, which could cause a rally across the market. Bitcoin (BTC) or other cryptoassets may see their prices spike up if rates are cut by the Fed.

Is it possible to reclaim the $100,000 soon?

BTC may be at the beginning of a new rally. There is some resistance around the $97,000 level. BTC may surpass $100,000 if it can overcome this obstacle.

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CoinCodex offers a highly bullish view of Bitcoin (BTC). Platform predicts that the asset will reach a new record high of $133.784 on 10 May. BTC is not expected to stay above $130,000. CoinCodex expects the level to drop below $102,000 on June 24.