According to the data from Farside Investors, BlackRock’s Bitcoin (BTC) ETF purchased $351.4 million worth of the asset on May 1. The world’s largest asset manager has bought $3.2 billion worth of BTC since Apr. 22.

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Bitcoin Gains Amid Big BlackRock Purchases

BlackRock’s recent purchases coincide with BTC’s latest recovery rally. BTC is facing some resistance at the $97,000 mark. The asset briefly breached the $97,000 mark earlier today. The original crypto has since fallen to the $96,000 level.

BTC is trading in the green zone across the board today. The asset is up 1% in the daily charts, 3.5% in the weekly charts, 14.8% in the 14-day charts, 14.3% in the monthly charts, and 67.8% since May 2024.

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Other bullish developments may have also aided BTC’s latest rally. The SEC’s new pro-BTC head, Paul Atkins, is expected to take a lenient stance on the crypto space. We may be in the early stages of another bullish leg.

The Federal Reserve is also expected to drop interest rates soon. A rate cut will likely lead to a market-wide rally as borrowing becomes easier. Bitcoin (BTC) and other crypto assets could see a price spike if the Fed cuts rates.

Will The Asset Reclaim $100,000 Soon?

BTC could be in the early stages of another big rally. The asset is facing some resistance at the $97,000 mark. Overcoming this barrier may take BTC beyond $100,000.

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CoinCodex presents a very bullish outlook for Bitcoin (BTC). The platform anticipates the asset to hit a new all-time high of $133,784 on May 10. The platform does not expect BTC’s price to hold above $130,000. CoinCodex anticipates a correction to the $102,000 level by June 24.