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.

The Fantom (FTM) price has recently shown promising growth, but questions remain about how long this uptrend can last. Despite the initial surge, key indicators are starting to hint at a potential weakening of momentum. ADX values have declined, suggesting that the strong bullish trend may be losing steam.

Additionally, while the recent drop in exchange supply provided a boost, subsequent stability in this metric raises doubts about continued upward pressure. The coming days will be crucial in determining whether FTM can sustain its gains or face a reversal towards lower support levels.

Fantom Price Current Trend May Not Last

FTM’s ADX is currently at 28.85, down from 32 just a day ago. This comes after a rapid surge where the ADX rose from 15 to 32 in just two days, reflecting a strong and swift increase in trend strength.

However, the recent decline indicates that the momentum may be losing some of its force, and traders are paying close attention to see if this trend continues downward.

Read more: Fantom (FTM) Price Prediction 2024/2025/2030

The ADX, or Average Directional Index, measures the strength of a trend, regardless of whether it is bullish or bearish. It ranges from 0 to 100, with values above 20 indicating a trending market and anything above 30 signifying a strong trend. FTM’s price surged by 14% in the past seven days, driven by this strong uptrend.

However, the fact that the ADX has decreased from above the 30 threshold suggests that the current upward momentum might be weakening. If the ADX continues to fall, it could imply that the trend is losing strength, potentially signaling an end to the recent bullish rally.

FTM Supply On Exchanges Dropped Heavily Before the Recent Surge

Between October 13 and October 14, FTM’s supply on exchanges dropped from 712 million to 688 million. This coincided with a price increase, with FTM rising from $0.66 on October 13 to $0.78 by October 15.

The reduction in exchange supply suggests that fewer tokens were readily available for selling, aligning with the subsequent price surge.

Typically, when users transfer coins to exchanges, it is considered a bearish signal, as they may be preparing to sell. Conversely, when coins are withdrawn from exchanges, it often signals bullish sentiment, indicating that holders are not planning to sell soon and might be expecting a price increase.

After the initial drop in FTM’s exchange supply, the amount has since stabilized, but it remains crucial to keep monitoring this metric. Changes in supply on exchanges can provide valuable insight into potential shifts in market sentiment.

Fantom Price Prediction: Can It Rise Back To $0.96 In October?

FTM’s EMA (Exponential Moving Averages) lines are currently bullish, with a healthy gap between the short-term and long-term lines. This indicates strong upward momentum, as the price has maintained a clear lead in the recent trend.

When short-term EMAs are positioned well above the long-term ones, it signifies that recent price action is more favorable compared to the longer average, reflecting bullish sentiment in the market.

EMA lines are used to smooth out price data by giving more weight to recent prices. This helps traders identify the direction of a trend and spot changes in momentum earlier.

Read more: 9 Best Fantom (FTM) Wallets in 2024

However, after the recent price surge, FTM’s short-term EMAs have started to curve downwards. If they cross below the long-term EMAs, it will form a “death cross,” a bearish signal that suggests a potential reversal in trend and further downside.

If such a scenario happens, FTM’s price could test support levels at $0.65 and $0.59. On the other hand, if the uptrend regains strength, FTM could continue its rise, challenging resistance at $0.76 — a level it recently failed to surpass. Breaking past that could push FTM back towards $0.85 or even $0.96, its highest price since May.