• Bitcoin’s correlation with Gold hints at strong upside potential heading into Q4.
• BlackRock’s $136M BTC transfer underscores growing institutional participation and confidence.
• Technical signals show steady momentum, with support levels cushioning against major downside risks.

Bitcoin is attracting renewed attention as new institutional action and market developments signal the potential for expansion. Analysts point to growing connections between cryptocurrencies and legacy assets, reinforcing a bullish outlook. With momentum building, eyes are shifting toward a potentially decisive fourth quarter.

At the time of writing, Bitcoin is trading at $113,241, with a 24-hour trading volume of $84.6 billion and a market capitalization of $2.26 trillion. The BTC has decreased 0.57% in the last 24 hours, showing signs of renewed energy in the market.

BlackRock Moves $136 Million in Bitcoin to Coinbase

Adding to the excitement, crypto analyst Ted pointed to a big development this day affecting global asset manager BlackRock. He explained that BlackRock moved $136 million of Bitcoin to Coinbase as an indicator of healthy institutional participation when liquidity and borderline giant-sized movements have been weighing so much upon sentiment.

Bitcoin Poised To Mirror Gold’s Bullish Surge

Ted also indicated a developing Bitcoin and Gold connection. He further stated that BTC has long followed Gold movements with an about-eight-week lag. Now that Gold is racing to new highs, Ted believes that BTC will follow suit in following a similar strong move upwards.

Though short-term corrections might intermittently loom on the horizon, Ted stressed that the near-term outlook for all of Q4 is quite favorable for BTC. Institutional inflows have been matched by macro considerations and a Gold correlation, and many players are positioning towards a spotlight rally before year-end.

Also Read | Bitcoin (BTC) Soars Above $112,000, Fueled by Impressive Weekend Gains

Bitcoin Shows Steady Weekly Momentum

RSI is 56.74, and the upper level is close to 61.59, indicating steady momentum but no strong buying pressure. MA Ribbon also confirms the trend that is having strong cushions at 112,044, 99,850, and 78,590. This suggests that BTC is having strength and staying away from bigger declines.

MACD reveals the main line at 4,833.09 while the signal line is higher at 5,854.77 to present a soft bearish indication. The histogram is also close to zero to indicate limited strength to sell in the market. This indicates sideways action before BTC breaks its subsequent decisive move.

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