While Bitcoin prices have fallen below $43,000 recently and significant institutional investors, BlackRock has reportedly made a massive purchase by buying over 11,500 BTC valued at more than $490 million.
This move indicates continued institutional interest in the cryptocurrency but technical indicators still show that this is a bearish market, with increasing exchange supply and selling pressure.
But there is a flicker of hope as Bitcoin finds a significant resistance level at which the bull run was triggered in 2020. This development can be regarded either as a reversal of trends or merely the passing figures.
Also read: BlackRock CEO Specks on Potential XRP ETF
