$1 BILLION BITCOIN BOUGHT BY BLACKROCK (Huge News)!! Bitcoin News Today & Ethereum Price Prediction!

$1 BILLION BITCOIN BOUGHT BY BLACKROCK (Huge News)!! Bitcoin News Today & Ethereum Price Prediction!
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Timestamps:
Bitcoin ETF News Today! 0:00
Important Bitcoin Analysis! 4:04
Ethereum Technical Analysis! 10:40
Solana Technical Analysis! 13:38

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– Crypto World –

Welcome back to the crypto watch channel everyone my name is Josh and right now ethereum is forming a new pattern in the short term that we need to pay attention to while Bitcoin is now running into critical support still technically playing out the short-term bullish Divergence and on top of that we have

Some massive bitcoin news today which I’ll talk about in just a moment so definitely stick around first of all we need to talk about the Bitcoin ETF news today because just yesterday gray scale sent another approximately 19,000 Bitcoin worth around 800 million us to coinbase most

Likely to really dump that Bitcoin as a lot of people are withdrawing out of the grayscale Bitcoin trust and if you’ve been watching my videos over the last one week or so you’ll know about this happening obviously I’ve been saying a lot of people are most likely going to

Withdraw their money out of grayscale because grayscale’s fees are simply too high compared to other Bitcoin ETF fees for example the Black Rock fee is a lot lower than the grayscale fee and so this is basically resulting in a lot of outflows out of the grayscale Bitcoin

ETF as you can see right here thousands of Bitcoin are flowing out of the grayscale Bitcoin trust over to coinbase so they can dump that Bitcoin because the grayscale Bitcoin ETF is a cash create ETF which means if you want to take your money out of the grayscale ETF

They have to pay that out in US dollars so they have to dump that Bitcoin back in the ETF to pay you out in US Dollars and so essentially if there’s outflows out of the grayscale ETF that results in selling pressure for Bitcoin that results in Bitcoin being sold on the

Exchanges but at the same time if there’s inflows going into other Bitcoin ETFs for example if this is just people moving their money from grayscale into another spot Bitcoin ETF then those other ETF providers for example Black Rock have to buy that Bitcoin to back the ETF and that is precisely what has

Been happening as you can see right here Black Rock has been accumulating a lot of Bitcoin and remember the spot Bitcoin ETFs have only been trading for Just 4 days as of right now in fact today will be the fifth day of trading for the spot

Bitcoin ETFs and so just in the first four days of trading for the spot Bitcoin ETFs black rocks actually accumulated over 25,000 Bitcoin worth over a billion US for their spot Bitcoin ETF in Just 4 days and so once again just yesterday roughly $800 million worth of bitcoin

Flowed out of grayscale resulting in some selling pressure but at the same time a lot of that Bitcoin is ending up over at Black Rock because black rock is buying a lot of that Bitcoin for a lot of people moving their money over to the Black Rock Bitcoin ETF and now obviously

There’s still a lot of Bitcoin sitting in the r scale Bitcoin trust in fact right now there’s roughly 617,000 Bitcoin worth roughly around 26 billion and so obviously that’s the maximum sell pressure here if all of that flowed out of grayscale that’s basically the maximum sell pressure but realistically

Not all of that is going to flow out at once but basically that would be the maximum sell pressure the maximum sell pressure would be6 billion us but if you’re looking at the maximum buying pressure for what Black Rock could buy obviously Black Rock manages around 9 trillion that’s 9,000 billion which

Absolutely dwarfs the amount that grayscale could possibly sell at the maximum limit and so ultimately the sell pressure caused by the spot Bitcoin ETFs caused mainly by grayscale is very limited it’s just looking at the shorter term but if you’re looking at the bigger picture if you’re looking at just the

Amount of money that black rock alone manages obviously this is massive potential for bitcoin’s long-term future but as you can see right here on black Rock’s own website you can see that just in the first four days of trading once again they’ve accumulated 2,067 Bitcoin approximately worth well

Over1 billion us and so at this rate if they’re accumulating a billion dollars worth of bitcoin every four days obviously this can quickly add up to a significant amount of Bitcoin that black rock could be holding and remember in only 3 months from now we have a Bitcoin

Harving resulting in even less Bitcoin coming onto the market coming onto exchanges and so with a big player like Black Rock buying up all of that Bitcoin obviously in just a few months perhaps later this year we got could see much higher Bitcoin prices despite what’s happening just in the short term but

Anyway getting into the Bitcoin charts here on the weekly time frame we can still see that strong rejection from the golden pocket area of resistance sitting in between around 48,000 to 50,000 and so once again as I said even before we saw that perfect rejection that is still

The significant area of resistance to pay attention to on the weekly time frame but essentially the moment we see a confirmed breakout above that golden pocket which means at least a weekly candle close above 50,00 basically not long after that we could quickly see the price return up towards

All-time highs once we first see a confirmed breakout above 50,000 but obviously just in the short term at the moment we’re in a bit of a short-term correction during this much larger bullish Trend here on the weekly time frame and if we’re taking a look at the daily Bitcoin chart obviously this

Bearish Divergence is still active and playing out resulting in most likely some choppy sideways price action if not a pullback in the price of Bitcoin as the most common outcomes from a bearish Divergence and so obviously so far we have already seen a pullback from the

Local highs and I do continue to expect this type of price action basically not really much bullish momentum and instead an increased amount of bearish momentum at least just in the short term here and especially if we’re looking at the dxy also known as the US dollar index of

Course this is continuing the bounce in the short term which is a warning signal for Bitcoin and crypto because as we can see previously when the dxy experiences a significant bounce back to the upside and basically a bullish trend on The Daily Time frame obviously this usually

Results in a bearish trend for Bitcoin and crypto but remember when I’m talking about the Trends on The Daily time frame these are sort of the shorter term trends that can last for around 1 to two months usually obviously this bullish trend on The Daily time frame has lasted

A lot longer but ultimately if you zoom out to the weekly time frame those short-term bullish and bearish Trends are occurring within the much larger bullish trend on the weekly chart that has been the case ever since the beginning of 2023 so it’s important to understand the difference between the

Different time frames once again on the weekly time frame we’ve been bullish nonstop on the trend this entire time for well over a year but during this larger bullish Trend here in the somewhat shorter term Trends on The Daily time frame obviously we’ve seen multiple bullish and bearish Trends over

The last one year or so and so basically if we continue to see this bounce in the dxy above this high in the dxy right here then that would result in a bullish Trend reversal in the dxy that would be a bullish signal for the dxy which would

Be a bearish trend reversal signal for Bitcoin here on the daily time frame and while we’re on the daily Bitcoin chart taking a look at this ascending line of support which is sitting at around $40,000 so basically if we see a further pullback in the price of Bitcoin I would

Expect support around that level and as for shorter term resistance we’re currently finding resistance around this Center Line right here for the ascending parallel Channel and that’s sitting at around 43.6k and obviously above that Center Line we also have this line of resistance which is currently sitting at just above

$48,000 and if we’re zooming into the shorter term looking at the 4-Hour time frame technically speaking this shortterm bullish Divergence just on the 4-Hour chart is still currently active and so once again this bullish Divergence means we due to see a slight bullish relief or at least some choppy

Sideways price action just in the shorter term here and obviously over the last few days or so this has been playing out exactly as expected we’ve seen that slight bullish relief from this local low and a lot of choppy sideways price action over the last couple of days but basically if we start

To see a breakdown either into a new lower low in the price or if we see a breakdown in the RSI below this ascending line of support right here then that would invalidate this short-term bullish Divergence and obviously with this being on the 4-Hour time frame these short-term bullish

Divergences play out a lot faster than the larger bullish divergences or bearish divergences here on the daily time frame and so ultimately I continue to expect the bearish Divergence on The Daily time frame to play out at least over the next 1 to two weeks or so whereas this short-term bullish

Divergence just on the 4-Hour time frame could possibly play out over the next 1 to two days but honestly I don’t expect this to play out much longer and as for short-term support we’re currently running into this area of support sitting in between around 42.4k to 42.7k

But if we see a confirmed break back below around 42.4k then in that case our next support is sitting at around 41.7k and below that we also have this area of support sitting in between around 405,000 to 40 1K and as for short-term resistance we’re currently finding some short-term resistance right

Here at around 43.3k and above that we also have this area of resistance sitting in between around 44.3k to 44.7k and if you want to trade these moves in the price of Bitcoin whether we’re bullish or bearish you can use Longs or shorts to make money if the

Price is bullish or bearish and personally I take these trades over on buybit so I’ll make sure to leave a link to buybit in the description down below and in the pinned comment and if if you use that link down below this video to make a buybit account you can get up to

A $30,000 deposit bonus but only if you use that link down below this video but for whatever reason if you cannot access bybit or if you cannot kyc on bybit there is also bitflex which is another crypto exchange similar to buybit but you don’t need kyc for bitflex and so I

Will also make sure to leave a link to bitflex in the description down below and in the pinned comment and if you use that link to make a bitflex account and deposit $100 worth of crypto or more and to make one trade over on bitflex then

You can get 10 usdt completely for free and so if you’re trading crypto anyway or if you’re preparing to take the next trade you might as well get set up ready to go on one of those exchanges using those links down below this video If you want to get those extra bonuses but

Anyway taking a quick look at the Bitcoin liquidation heat map and right now we have a lot more liquidity to the downside compared to the upsid because first of all we do have that liquidation area that level of liquidity sitting at around 43.1k to 43.2k and so that is a

Little bit of liquidity to the upsides But ultimately once again we have more liquidity to the downside first of all we have a liquidity Zone at around 42.2k and we also have more liquidity at around 41.9k and more liquidity at around 41.8k and so basically what this means

For the price of Bitcoin is that it’s very likely that just in the short term sometime soon we’re going to see the price of Bitcoin hit some of these lower levels of liquidity because usually the price of Bitcoin gets attracted towards where there’s most liquidity and now obviously that’s not a 100% guarantee

There’s no such thing as a 100% guarantee but of course this is just talking about the most likely scenario talking about the short term here but anyway getting into the ethereum part of this video this is on the daily time frame and right now the bearish Divergence is still currently active and

Playing out because obviously we have confirmed higher highs in the price and confirmed lower highs in the RSI which means once again we still have that bearish Divergence which is resulting in some choppy sideways press action and a slight pullback back from the local high which is actually playing out as

Expected and I do continue to expect this type of price Action Moving forwards potentially over the next 1 to 2 weeks as the most likely outcome from a bearish Divergence on The Daily time frame but if we zooming into the shorter term looking at the 4H hour time frame

Obviously over the last one day we have seen a bit of a shortterm rejection from some local resistance which is sitting at around 2590 which I talked about in my last video and as for short-term support we’re currently running into a bit of short-term support right here at

Around 2510 but below that level we have some more support right here which is sitting at around 2460 and in a more bearish scenario if we actually broke below 2460 with confirmation then in that case we have this area of support sitting in between around 2380 to 2410 But ultimately just

In the short term at the moment we’re basically lacking momentum the price oscillators for example the RSI is basically chopping around sideways in the short term showing a lack in momentum to really either direction and once again this is ultimately a result of that bearish Divergence on The Daily

Time frame which means we’re due to see reduced bullish momentum but while the Press of eth is basically chopping around in the short term obviously at the moment we are potentially forming an inverse Head and Shoulders pattern and now obviously at the moment this pattern is not yet confirmed at all it’s just

One to potentially look out for because at the moment we have formed a possible left shoulder ahead and right now we’re possibly forming a right shoulder but what we still need to see in order to confirm this pattern right here is basically a bounce very soon in the

Press of eth over the next 1 to two days or so up towards this line of resistance once again sitting at around 2590 and then after completing that right shoulder we will then need to see a confirmed breakout above that neckline above 2590 in order to confirm the

Inverse Head and Shoulders pattern and confirm a bullish price Target and in that case if we do actually see a bounce very soon in the price of E and A breakout above 2590 then that would set up a bullish price Target sitting close to 2.7k right around this local high and

So from the point of the breakout to that price Target we’re talking around a 4 to 5% move to the upside but remember as of right now that is not yet confirmed at all because we need to first see a bounce and a breakout above

This line which as of right now we have not yet seen and obviously if the price just continues this short-term pullback below this low right here which is sitting at around 2470 then that would basically destroy the chance of this inverse H and shoulders pattern confirming at all and so at least for

Now because this is not confirmed obviously it’s not something to act on at all but it’s just something to pay attention to while it is potentially forming and if we’re taking a quick look at the price of salana on the 4-Hour time frame right now we’re still basically just chopping around sideways

Which I’ve been talking about over the last few days and once again you can make a lot of easy profits during choppy sideways press action just like this and if you want to know how to do that then watch the video in the bottom left of your screen right now because that video

Right there shows you can easily profit from choppy sideways price action and the video in the top left shows you he can profit if the price is bullish or bearish using Longs and shorts but anyway that is everything that I have to say for today I really hope you enjoyed

And I’ll see you all in the next video