Good news is raining down on the cryptocurrency market. While the market waits to know if Blackrock’s spot ETF will be validated by the SEC (Securities and Exchange Commission), other players have also filed applications for Bitcoin ETFs. While waiting to know the decision of the SEC, it has just authorized the first leveraged ETF. At the same time, Bitcoin took the opportunity to mark a new high in 2023 by exceeding $31,000. Currently, the Bitcoin price is hovering around $30,000.
Bitcoin price drops 1.4% in 24 hours
Despite a new high in 2023 for the BTC, the course is in slight decrease at the start of the weekend. Indeed, the price of BTC shows a 1.4% drop in 24 hours :
However, there is still an increase of 15% in one weekand of 10% in three months. The BTC/ETH pair climbs slightly in 24 hoursit shows an increase of more than 6% in one week. Thanks to this good news, Microstrategy sticks out of the water.
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The price of Bitcoin explodes on the rise and allows Microstrategy to breathe
2022 has been a very difficult year for Microstrategy, which has seen its investment melt like snow in the sun. Indeed, the price of BTC went from $69,000 To $15,500but the company continued toaccumulate :
In total, the company bought 140,000 BTC. Thanks to the recent upward movement on BTC, the investments orchestrated by Michael Saylor are finally back in the green. Indeed, the price of Bitcoin is moving above $30,045 and allows MicroStrategy to raise its head above water. The boss of Microstrategy was clear: he will never sell his BTC. Let’s hope that the price continues to climb, because a new wave of decline could be fatal for the company which has bet everything on the king of cryptocurrencies.
Bitcoin price is back at the support level at $30,500
Bitcoin stuck at the level of the resistance at $31,500it is back at the level of the bracket at $30,500 :
The course is currently evolving at the level of bracket at $30,500 and at the level of institutional bias (EMA 9/EMA 18) bullish. Moving averages could act as dynamic support. If the buyers are able to push and close the price above the resistance at $31,500the price could reach the next resistance at $35,000. On the other hand, if the support gives way, the price could reach the next rack at $29,800. The RSI is showingshortness of breath buyers side with a bearish divergence.
The price of Bitcoin explodes on the rise this week and allows the company Microstrategy to find itself in equilibrium regarding its investments in Bitcoin. The price marks a new high in 2023, let’s hope the increase does not stop there. To continue on the uptrend, it would be necessary to overcome the resistance at $31,500.
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