Bitcoin Whales Respond: BlackRock’s $1.1 Billion Inflows Spark Market Excitement

Bitcoin (BTCUSD) reached an all-time high of $8220 following Donald Trump's election victory but is currently trading around $82178.

 Significant Spike in Whale Activity

During the week of November 4 to 8, 2024, there was a noticeable increase in Bitcoin (BTC) whale activity, showing that large holders are becoming more interested in the market.

 Surge in Large Transactions

There were about 11,697 transactions over $100,000 in one day, the highest in over 10 weeks.

 Institutional Demand Rises

On November 8, 2024, Bitcoin ETFs saw a huge increase of $1.38 billion in net inflows, the highest ever recorded in a single day. This boost was mainly due to Trump’s supportive views on cryptocurrency and his promise for favorable regulations. Most of the inflows, around $1.1 billion, came from BlackRock's iShares Bitcoin Trust (IBIT). The trading volume for this fund also reached a record high, showing strong interest from investors. Overall, the day marked a significant moment for Bitcoin ETFs.

 Increased Social Media Engagement

Bitcoin's social media activity rose to 25.5%, indicating more public discussions about it.

Technicals- 

 BTCUSD trades above the short-term moving average of 34- EMA and 55 EMA and the long-term moving average (200 EMA) in the 4-hour chart.

 Minor support- $78000.  Any break below will take it to the next level at $75000/$72000/$70000.

 Bull case-

 Primary supply zone -$83000.  Any break above confirms an intraday bullishness. A jump to $85000/$90000 is possible.      

  Secondary barrier- $9000. A close above that barrier targets $100000.

Indicator (4-hour chart)

CCI (50)- Bullish

Average directional movement Index - Bullish

 It is good to buy on dips around $76000 with SL around $72000 for TP of $90000.