BlackRock sucks $4.7 billion, BTC convergence triangle brewing breakout

According to Woofun AI, the continued influx of institutional capital is accelerating the restructuring of the Bitcoin market structure. Among them, the huge amount of money raised by IBIT (IBIT.US) under BlackRock (BLK.US) has become a core variable, while the BTC price shows typical triangular convergence characteristics in the 4-hour chart, and the market is at a critical point in choosing the direction.

Judging from the deep breakdown of capital flows, on-chain data provided by Onchain Lens revealed significant changes in institutional behavior this week. The total value of all types of transfers made by BlackRock (BLK.US) through its IBIT (IBIT.US) products is as high as US$478.5 million, which is equivalent to the cumulative amount raised of 7,320 bitcoins, and all assets were transferred to a wallet specially prepared for the IBIT (IBIT.US) ETF.

Notably, the single largest operation involved 1,840 bitcoins worth approximately $118.9 million, which were withdrawn from Coinbase (COIN.US) Prime and transferred to an escrow wallet. According to data compiled by Woofun AI, such frequent asset custody changes may stem from settlement operations or institutional position adjustments. Although it is difficult to fully confirm the purpose of a single transfer, the weekly cumulative net inflow data clearly outlines the intention of large institutions to open positions in their current position, providing solid liquidity support for the bottom of the market.

The evolution of the technical structure further confirms that the market is gaining momentum. In the 4-hour time frame, the BTC price is currently hovering around $64,964, exactly where two key trend lines meet. The downward resistance line began to slope downward from a high near $68,000 in July, while the ascending support line rose steadily from around $61,000, and the two together created a narrowing fluctuation range. In this structure, the price tried many times to rebound but failed to effectively break through the downward resistance line, causing the market pattern to remain neutral. If bulls can push the price to break through the resistance line, the short-term structure will change qualitatively, and the $66,000 area is expected to transform into a new reference price; conversely, if the rising support line falls, the price may fall back to the $62,000 to $63,000 range, which will retest the market's ability to bear.

The combination of momentum indicators and trading volume will be the key to determining the direction of breakout. The current value of the MACD indicator is about 284, and the signal line is around 275. Although the bar chart has a positive value, the value difference is narrow, indicating that the upward momentum is still limited. The RSI index recorded 61.86, and its moving average was 59.15, indicating that market momentum was slightly above neutral but did not enter the overbought zone, reserving room for subsequent increases.

However, the volume did not expand significantly as the pattern converged, which meant that the current consolidation lacked sufficient momentum to confirm. If incremental capital enters the market later to help the price break through the resistance line, it will form an effective bullish signal; otherwise, weak trading volume may cause the price to once again be pressured downward. Following the recent large-scale allocation of institutions, this is another key game where the market resonates with technical and financial aspects.