© Reuters
Investing.com – After declining for most of the day yesterday, bottoming out at $28,663 (at lowest since June 20), the rebounded sharply in the evening, to a high of $30,056, but the cryptocurrency then quickly fell back below the key $30,000 threshold.
Recall that a generalized climate of risk aversion penalized risky assets, including cryptocurrencies, yesterday, while the sluggish trend of recent days began to tire short-term investors.
However, BTC received key support with important announcements from MicroStrategy (NASDAQ:), officially a software company, but whose activity has mainly been to buy and hold Bitcoin in recent years.
MicroStrategy indeed confirmed yesterday that it holds 152,800 bitcoins for a value of 4.4 billion dollars, after having acquired 467 bitcoins during the month of July.
The company has also announced that its position on cryptocurrency is now profitable.
Importantly, according to an SEC filing, the company could raise $750 million by selling stock, most likely for buy more bitcoinwhich had a clear bullish impact on the price of the cryptocurrency.
However, gains remained limited, as the $30,000 threshold acted as a firm technical barrier.
Technical thresholds to watch on Bitcoin
From a chart perspective, yesterday’s low at $28.663 joins the 100-day moving average at $28.523 to form a immediate support for crypto.
A break below this threshold would expose the next potential supports, namely the thresholds of $28,000 and $27,000, and the 200-day moving average at $26,770.
On the upside, a return above $30,000 would put the $31,000 threshold in sight, before the this year’s record around $31,800.