news 
Bitcoin (BTC) Price: Maintains Momentum as IBIT ETF Reports Major Accumulation
The Bitcoin price has continued its upward momentum, surging above the $100,000 mark and reaching a new all-time high of $101,334. This latest surge comes amidst a significant development in the institutional investment space, with BlackRock’s Bitcoin ETF (IBIT) reporting massive accumulation of 5,250 BTC ($528 million) on Thursday alone.
This enormous purchase, equivalent to twelve times the daily Bitcoin production rate, underscores the growing institutional appetite for the leading cryptocurrency. The acquisition serves as another testament to the rising adoption and mainstream acceptance of digital assets by professional investors.
Bitcoin’s recent performance is equally impressive, with an 8% gain over the past week, accompanied by a staggering $50 million in short liquidations. This market dynamic is a clear indication that institutional buying pressure remains strong and unwavering, driving up the price of Bitcoin.
Institutional buying momentum has become a recurring theme in recent times, driven largely by the success of regulated Bitcoin investment products such as IBIT. The exponential growth of these ETFs has enabled mainstream investors to access digital assets with ease, further fueling the adoption narrative.
As the broader market structure becomes increasingly complex, technical analysis suggests that the $102,500 level remains a crucial resistance point for the cryptocurrency’s short-term trajectory. Failure to breach this mark may result in Bitcoin entering a period of lateral price action within its established range.
In contrast, the exchange balance data reveals a compelling narrative, as on-chain metrics reveal the lowest levels seen since 2013. This reduction in available supply typically indicates strong holder conviction and could contribute to further upward pressure on the asset’s value.
The market sentiment remains robust, with institutional participation driving activity across the board. The continued influx of capital through ETF products further reinforces the notion that spot and derivatives markets are moving in tandem, indicating a mature and stable market structure.
In a significant development, BlackRock has extended its presence to the Canadian market, introducing its IBIT ETF, thereby further cementing the narrative surrounding institutional adoption. Given the current macroeconomic environment and recent core CPI data, these factors have contributed to a supportive backdrop for Bitcoin’s price action.
From a market perspective, the immediate levels of resistance lie at $102,000, with support levels established at $100,500 and $100,000.
Source: blockonomi.com
