Block Increases Bitcoin Holdings to 8,998 BTC

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 1 hour ago

Should l Buy BTC?

Bitcoin Accumulation: Block has purchased an additional 114.89 BTC, raising its total holdings to 8,998 BTC, reinforcing its ongoing commitment to a strategic accumulation of digital assets.
Milestone Proximity: This purchase brings Block's Bitcoin holdings just 2 BTC shy of the 9,000 mark, representing a significant threshold that could attract investor attention and signify a key milestone in its treasury strategy.
Ongoing Strategy: The incremental nature of this purchase indicates that Block is not reducing its Bitcoin exposure but rather continuing to build on its substantial position across multiple reporting periods, reflecting a long-term commitment to digital assets.
Future Monitoring: Investors should keep an eye on Block's next quarterly earnings report and any 8-K filings for material asset changes, particularly any purchases that could push its holdings past the 9,000 BTC threshold.

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Technical Analysis for BTC

Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Strong buy technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 4 indicators are flashing buy, while 0 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Bitcoin (BTC) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	68427.023	71075.667	74188.373	76837.017	79949.723	82598.367	85711.073
Fibonacci	71075.667	73276.502	74636.181	76837.017	79037.852	80397.531	82598.367

About BTC

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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