Bitcoin Hits $84,857 as BlackRock Buys $30.8 Million in Bitcoin

Bitcoin’s price has surged 1% following BlackRock’s purchase of $30.8 million in Bitcoin, indicating market recovery. The BTC Bull Token presale has raised $4.8 million, enticing investors with Bitcoin rewards and deflationary economics. Current trends suggest a potential bullish market shift, with key resistance levels at $90,000 and $100,000.

Bitcoin’s price rose by 1% to $84,857, supported by a significant 40% increase in trading activity, now totalling $12.5 billion within the last 24 hours. This uptick follows BlackRock’s substantial acquisition of $30.8 million in Bitcoin for its iShares Bitcoin Trust, reinforcing its position as a leading Bitcoin ETF holder amidst a general recovery in the cryptocurrency market.

The price evolution indicates a potential shift from a bearish trend towards a bullish continuation. After trading sideways post a prior peak of nearly $100,000, Bitcoin has broken free from a bearish channel experienced between August and September 2024, leading to an upwards surge from approximately $25,000–$30,000 towards the $100,000 mark, suggesting increasing buying momentum.

Notably, the rejection at the $100,000 level initiated a corrective phase, with support established between $77,000 and $78,000. The recent upward break may initiate a bullish trend if Bitcoin remains above $84,000, possibly enabling it to approach the $90,000 resistance once more. Current analyses indicate the Relative Strength Index (RSI) at 52.57, reflecting a neutral-to-bullish trend suggesting room for further price growth.

The BTC Bull Token (BTCBULL) presale has garnered significant interest, having already raised approximately $4.8 million, attracting investors with its promise of BTC rewards for token holders. With projections that Bitcoin may reach $1 million, BTCBULL employs deflationary mechanisms, including token burns and community-led rewards, aligning participant incentives with Bitcoin’s price growth.

Airdrops of Bitcoin will be distributed at intervals of price milestones, starting at $150,000, with further distributions as Bitcoin rises in price. The token will undergo its first burn at $125,000, further constraining supply. This prospect may lead to substantial growth potential, with assertions from sources like 99Bitcoins predicting a possible 100X increase post-launch. Currently priced at $0.00247, purchasers can buy the token via cryptocurrency or bank card, but action is advised soon as the price is set to increase shortly.