Recent weekly data shows a revival of interest in Bitcoin from institutional investors, particularly due to the active involvement of Blackrock.
Blackrock's Investments in Bitcoin
Last week, Bitcoin attracted again the attention of institutional investors, with Blackrock leading the charge in accumulation. Importantly, Blackrock reportedly injected over $1.3 billion into Bitcoin, validating previous observations of substantial investments from the company.
Global Interest in Bitcoin Grows
Countries worldwide are showing increased interest in Bitcoin at the state level. For instance, Ujjwal Deep Dahal, the head of Bhutan's sovereign wealth fund, described Bitcoin as a store of value. Analysts note that this approach from various countries reflects bullish sentiment in the market.
The Future of Bitcoin: Resilience and Challenges
Bitcoin is moving within a narrow range, with resistance forming above $110,000 and demand returning near $100,000. Price escalation may face challenges as a descending resistance has formed. A breakout above this resistance could signal further upside; however, if it holds, it may lead to another retracement.
The increase in institutional interest in Bitcoin, particularly from Blackrock and other countries, may signify a successful recovery and potential stability for the cryptocurrency in the market.
