Bitcoin Dips and BlackRock Is Buying: Will BTC Reclaim $72,000?

Bitcoin fell yesterday, following through with what was printed on October 30. Technically, the uptrend remains, but buyers need to reclaim $70,000 today. A sharp dump below today’s lows at around $68,800 could heap even more selling pressure on bulls, forcing a possible collapse. All the same, there are other key metrics to watch that may help catalyze demand in the days to come. Top of the list is the inflow of capital from spot Bitcoin ETFs and macroeconomic conditions, especially in the United States. Traders are looking at the Federal Reserve and whether they will continue announcing even more accommodative policies.

In the short term, price action swings to favor buyers. However, the uptrend is firm and could shape the short to medium-term. At press time, the coin is down 4% but up 3% in the previous week. At the same time, there is an expansion in trading volume to over $44 billion over the past day.

Traders are keeping tabs on the following trending Bitcoin news:

• Bitcoin closed October strongly, surprisingly extending gains of September. Against all odds, prices turned green by the end of Q3 2024. Over the last month, BTC added nearly 14%, almost half of what was seen last year.
• BlackRock clients doubled down, buying the dip. Onchain data shows that IBIT, its spot Bitcoin ETF, added 4,550 in the past day. Currently, the product manages over 400,000 BTC.

Bitcoin Price Analysis

BTC/USD is firmly in an uptrend.

A surprising dip confirming losses of the past two days could shake the confidence of optimistic traders.

In that event, there will be massive liquidation—a flush out—and late October highs would be a crucial local top.

If BTC prints above $70,000 and even reclaims $72,000, the coin can easily breach $74,000 in the coming sessions.

Losses below $68,800 at the end of the day cancel out this bullish outlook.