According to Farside Investors, BlackRock’s Bitcoin (BTC) ETF, IBIT, purchased $38.2 million worth of BTC on Apr. 15. The world’s largest asset manager had earlier bought $36.7 million worth of BTC on Apr. 14. BTC’s price witnessed a rally on both days of BlackRock’s BTC buying spree.

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Bitcoin Recovers Amid BlackRock’s Big Purchase

BTC’s price fell to below $75,000 during the market crash earlier this month. The crash was most likely due to the US imposing tariffs on multiple trade partners. The original cryptocurrency recovered after President Trump announced a 90-day tariff pause on all countries except China.

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BTC is currently down 1.7% in the daily charts and 0.9% in the 14-day charts. Despite the pullback, the asset is up 8.8% in the weekly charts, 0.9% in the monthly charts, and 34.2% since April 2024.

BlackRock’s $74.9 million worth of BTC purchase may have helped the asset’s recovery. Other bullish developments include the US Senate confirming Paul Atkins as the new SEC chair. Crypto investors are hopeful Atkins will take a more relaxed approach to the crypto industry.

Inflation in the US has also cooled more than expected. The development could lead to the Federal Reserve announcing an interest rate cut soon. A rate cut could further boost Bitcoin’s (BTC) price.

Can The Original Cryptocurrency Hit A New All-Time High?

Bitcoin (BTC) hit an all-time high of $108,786 on Jan. 19. The asset’s price has since fallen by nearly 23%. Despite global macroeconomic uncertainties, BTC has managed to hold steady. The asset has time and time again shown incredible resilience.

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According to CoinCodex, BTC’s price could surge to a new all-time high later this month. The platform anticipates the asset to trade at $126,612 on Apr. 25. BTC’s price will rally by 50.69% if it hits the $126,612 target. CoinCodex does not expect BTC’s price to hold above $120,000. The platform anticipates a correction to below $100,000 by May end.