Investors are under the spell of BTC – A few days ago, we learned that the company Microstrategy continued its accumulation. Indeed, the company acquired an additional 12,333 BTC, bringing the total to 152,333 BTC. The whales seem to have taken advantage of Last 90 days to accumulate bitcoins. For his part, the bitcoin price attempts to rally higher, it again attacked the $31,000 zone overnight. For now, sellers are holding up.
Bitcoin price climbs 1.8% in 24 hours
BTC tries again to break through the resistance at $31,500, but the sellers are responding for the moment. Nevertheless, the price of BTC climbs 1.8% in 24 hoursand of 2.4% in one week :
Also, the price climbs more than 10% in one monthand of 86% in six months. The BTC/ETH pair stagnates in 24 hours, but it remains in 2% increase in one week. We feel that the BTC retains control of capital.
>> 10% reduction on your trading fees? Sign up on Binance (commercial link) <<
The price of Bitcoin is less and less correlated with the NASDAQ
BTC is considered a risky asset by market operators. Concretely, this means that the BTC tends to behave like the S&P 500 or NASDAQ. However, during the banking crisis known at the beginning of the year, it behaved like gold.
According to data from the Kaiko website, the correlation between BTC and NASDAQ has drastically decreased since January 2023. In fact, the correlation went from more than 60% close to 3% within just a few months. During the last drop in the correlation, the BTC Marked a New High in 2023. On the other hand, the price of Bitcoin is still very correlated to the action Microstrategy.
Bitcoin Price Tries to Break Resistance at $31,500
During the night, the price tried to return to the level of the resistance at $31,500at the moment, buyers are unable to close above $31,450 :
The objective of the buyers is to develop above the zone of resistance at $31,500. If the target is reached, the price could return to the level of the next resistance at $35,000. On the other hand, if the support gives way, the price could return to the level of the rack at $29,800. Buyers should hold the last low marked at $29,850.
The correlation between Bitcoin and NASDAQ drops drastically within a few months. BTC is taking advantage of its decorrelation to mark a new high in 2023. In 4H time frames, buyers need to push further to achieve a build above $31,500. No matter what, they need to defend the support at $29,800. Can the price of BTC continue its momentum, and mark a new high in 2023?
Take advantage of the opportunities to buy low-cost cryptos that the market offers us! To not miss the opportunity of a lifetime, register quickly on the Binance platform. Save 10% on your trading fees by following this link (trading link).