Gary Gensler kicks in – We know that Gary Gensler is not a fan of cryptocurrencies, and he has once again demonstrated it. When a journalist asked him if Bitcoin spot ETFs were moving forward, he preferred not to answer. According to him, cryptocurrencies are too unimportant.
The Fed caused the price of Bitcoin to rebound, but it then stuck at the $43,000 level. Are buyers running out of energy to break resistance at $44,000? Or is it a question of time? Here is the bulletin for Friday, December 15!
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Bitcoin price falls slightly in 24 hours
The sellers showed up around the $43,000. In fact, the price of Bitcoin drop slightly in 24 hours. Now the price shows a drop of 2% in one week :
Despite this recent decline, BTC displays a performance of 20% in one month and of 60% in three months. For its part, the BTC/ETH pair stagnates in 24 hoursbut it climbs 2.5% in one week. BTC remains strong against Ethereum.
Will the price of Bitcoin prove the strategy of Michael Saylor and MicroStrategy right?
Since August 2020, the company MicroStrategy has decided toheavily accumulate BTC. The strategy quickly proved itself profitablebecause Michael Saylor started the buildup just before the bull market in cryptocurrencies. Here is the graph detailing the different company purchases :
Whether the price rises or falls, purchases have not stopped, even during the bear market which affected cryptocurrencies from the end of 2021 to the end of 2022. After passing several months in the redis BTC proving right to the crazy accumulation of MicroStrategy ? The recent rise in Bitcoin has allowed MicroStrategy’s portfolio to post a 40% increase. In 2024, the macroeconomic environment is expected to be more favorable to risky assetsTHE halving will arrive, and a Spot Bitcoin ETF could be validated by the SEC. Consequently, BTC could continue to prove this strategy which began in 2020 right.
Bitcoin price must maintain $42,000
Yesterday, buyers once again defended the $42,000. In fact, the level at $42,000and the institutional bias (EMA 9/EMA 18) bullish acted as support :
As long as the level at $42,000 is maintained, the price has the possibility of returning to the level of the resistance at $44,000. On the other hand, in the event of break of $42,000the course could join the next support located at $40,500. The dynamic remains to the advantage of buyers, but be careful not to let the sellers install a local top. The RSI bouncesit will be necessary to continue to draw a dynamic with ascending troughs and peaks.
The price of Bitcoin shows an impressive rise in 2023, and allows the portfolio of the company MicroStrategy to show green. BTC proves this crazy accumulation strategy right, and the year 2024 is promising. In the meantime, the price of Bitcoin remains at $42,000. As long as this is the case, the price has the possibility of returning to the resistance level at $44,000. It will be necessary to cross it for the price to continue its upward trend. Are altcoins ready to explode higher? Binance Coin (BNB) could catch up.
Bitcoin news that matters:
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