BlackRock Continues Aggressive Bitcoin Accumulation

BlackRock's Institutional Trading division (IBIT) has continued its aggressive accumulation of Bitcoin, withdrawing 1.97K BTC (~$166M) from Coinbase Prime in the past hour.

This move extends IBIT's streak of direct absorption of supply from exchanges, which is expected to tighten available float and feed into longer-term price prediction models.

The current price of Bitcoin is $84,400, and the spot ETF continues to absorb supply directly from exchanges, which could have implications for the market in the short term.

According to technical analysis, the 4h chart shows that the price sits inside the Bollinger Bands with upper resistance at $87,428. The 50-EMA is at $82,555 and the 200-EMA is at $77,385, which remain key supports.