BlackRock, the issuer of the IBIT ETF, acquired more than $680 million in Bitcoin in the last two days. This comes as IBIT, one of the most successful ETFs, is spiking in price.

BlackRock’s executives have praised Bitcoin, and it seems to play a key role in the firm’s future strategies.

BlackRock’s Massive Purchases

According to data from Lookonchain, ETF issuer BlackRock has been buying immense quantities of Bitcoin (BTC). The first of these purchases took place on October 15, purchasing over $294 million worth of the asset. BlackRock followed this up with an even larger purchase the next day, at over $390 million.

Read More: Who Owns the Most Bitcoin in 2024?

BlackRock’s continued enthusiasm for BTC should come as little surprise due to the stupendous success of its IBIT Bitcoin ETF. This month, Eric Balchunas declared IBIT one of the top ETF performers of the decade, with over $25 billion AUM. The Bitcoin ETF market, in general, has been surging this week, but IBIT was the clear leader.

Several members of BlackRock’s leadership have also praised Bitcoin this October. BlackRock’s US Head of Thematics and Active ETFs, Jay Jacobs, predicted a $30 trillion BTC market in the coming years. Its CEO, Larry Fink, also called Bitcoin an “independent asset class” in an earnings call, promising future growth in the firm’s strategy.

“We will continue to pioneer new products to make investing easier and more affordable,” Fink stated.

BlackRock has already been building an impressive stockpile of Bitcoin, rivaling Binance’s. Essentially, because IBIT is a spot ETF, BlackRock will need to hold a corresponding amount of BTC if it wishes to keep minting its product.

Read More: What Is a Bitcoin ETF?

On Thursday, IBIT received an inflow of $309 million, the highest amongst all the spot Bitcoin ETFs. According to data from SoSoValue, so far this week, it has recorded $1.07 billion in inflows.

Bitcoin price holding gains above the $67,000 resistance zone. BTC is now consolidating and aiming for more gains above the $68,350 resistance.

• Bitcoin remained stable and extended gains above the $67,500 zone.
• The price is trading above $67,400 and the 100 hourly Simple moving average.
• There is a key bullish trend line forming with support at $67,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could rally further if there is a close above the $68,200 resistance zone.

Bitcoin Price Eyes More Upsides

Bitcoin price remained supported above the $67,000 pivot zone. BTC remained in a range and the bulls were active above the $66,500 level. There was a minor pullback from the last high of $68,328.

The price declined below the $67,000 level. There was a drop below the 23.6% Fib retracement level of the upward move from the $64,685 swing low to the $68,328 high. However, the bulls were active above the $66,500 level. There is also a key bullish trend line forming with support at $67,400 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading above $67,200 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $68,000 level. The first key resistance is near the $68,200 level. A clear move above the $68,200 resistance might send the price higher. The next key resistance could be $68,850.

A close above the $68,850 resistance might initiate more gains. In the stated case, the price could rise and test the $71,650 resistance level. Any more gains might send the price toward the $72,000 resistance level.

Another Drop In BTC?

If Bitcoin fails to rise above the $68,000 resistance zone, it could start another decline. Immediate support on the downside is near the $67,200 level and the trend line.

The first major support is near the $66,500 level and the 50% Fib retracement level of the upward move from the $64,685 swing low to the $68,328 high. The next support is now near the $66,000 zone. Any more losses might send the price toward the $65,500 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $67,200, followed by $66,500.

Major Resistance Levels – $68,000, and $68,200.

FTX Token (FTT) has seen a 14% price increase in the past 24 hours, making it the top gainer in the market. However, this surge is primarily driven by speculative trading rather than a specific increase in demand for FTT.

The altcoin’s technical setup reveals that it may shed some of these gains in the near term. Here is why.

FTX Token Climbs But Not Due To Demand

While its price has climbed by double digits over the past 24 hours, FTT’s negative Chaikin Money Flow (CMF) hints at a potential pullback. At press time, this indicator, which measures an asset’s money flow into and out of the market, is at -0.26, forming a bearish divergence with its price.

This divergence between FTT’s rising price and negative CMF signals that the uptrend is unsustainable, suggesting that the rally is driven by speculative trading, not strong market demand. This scenario often precedes an impending reversal. If the selling pressure intensifies, the price could correct downward once the upward momentum wanes.

Read more: FTX Collapse Explained: How Sam Bankman-Fried’s Empire Fell

Furthermore, the setup of FTT’s Parabolic Stop and Reverse (SAR) indicator confirms this bearish outlook. At press time, the dots of this indicator rest above FTT’s price, reflecting the overall bearish sentiment that trails the altcoin.

The Parabolic (SAR) indicator measures an asset’s trends and identifies its potential price reversal points. When its dots are located above the price, it indicates a bearish trend. This suggests that the market is experiencing downward momentum, and traders often consider this a signal to sell or take short positions.

FTT Price Prediction: A Correction Is More Than Likely

As speculative trading subsides, FTX Token’s price will likely correct, potentially shedding some of its recent gains. Its Fibonacci Retracement analysis suggests that the altcoin could drop to the support level of $1.25. If this support fails to hold, we may see a further decline toward the $1 mark.

Read more: Who Is John J. Ray III, FTX’s New CEO?

However, this bearish outlook could be overturned if FTT experiences a surge in new demand. In such a scenario, the asset could sustain its upward trajectory, breaking through resistance at $2.93 and possibly climbing to as high as $3.53.