All-in on Bitcoin! – If we often hear that you need to know how to diversify when you invest, the company MicroStrategy has decided to bet on the king of cryptocurrencies. Indeed, the company acquired an additional 155 BTC. In total, the company led by Michael Saylor owns 158,400 BTC. THE price currently being around $34,500, MicroStrategy’s portfolio is in the positive. Be careful, the price is struggling to break the resistance zone at $35,000, could sellers take advantage?
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Bitcoin price falls 2.3% in 24 hours
Are sellers back on the market? Bitcoin price ? In 24 hours, BTC shows a drop of 2.3%. However, this fall is relatively correct if we compare it to the performance of BTC over one month and over three months :
The king of cryptocurrencies climbs more than 25% in one month and almost 20% in three months. For its part, the BTC/ETH pair stagnated for a weekbut it displays a increase of 15% in one month.
The correlation between Bitcoin and the US market has been in free fall since September
Generally, market participants view Bitcoin as a risky asset just like the S&P 500 or the NASDAQ. Therefore, BTC tends to be correlated to the US marketthis was the case in 2022. However, since the start of the year, we have noticed that the correlation between Bitcoin and the US market tends to fall sharply :
According to data from Kaiko, there was a total decorrelation this summer, and this is again the case currently. Indeed, the correlation between the king of cryptocurrencies and the US market is in free fall since September. Since the beginning of September, the S&P 500 fell almost 10%while the Bitcoin shows an increase of almost 40%. Kaiko’s report indicates that the start of decorrelation occurred after the FTX bankruptcy. The fact that BTC is climbing while the US market is falling shows that the king of cryptocurrencies is relatively solid.
The price of Bitcoin falls back below the $35,000 level
The level at $35,000 did not serve as support, and sellers took advantage of it. From then on, the course marked a DETOUR above the resistance at $35,000and a return to the level of support at $33,800 is possible :
BTC evolves in a tidy enter here resistance at $35,000and the support at $33,800. A breakout of the range from above could bring BTC back to the level of the resistance at $37,000. On the other hand, a break of the support could bring the price back to the level of support located at $31,500. The RSI marks a bearish divergence since the price made a new high, but not the RSI. We will now have to find a dynamic with rising troughs and peaks, and break the bearish trendline.
The price of Bitcoin has not followed the S&P 500 in its fall, and this shows that the king of cryptocurrencies is solid. Will he be able to keep up the pace? To do this, it will be necessary to maintain the support level at $33,800, and get rid of the resistance at $35,000. For their part, the Cosmos and altcoins are trying to keep up with Bitcoin.
Closer to Bitcoin news
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