Bitcoin (BTC) Prices, Charts, and Analysis:
- MicroStrategy Bitcoin Retreat in Profit.
- Bitcoin needs to take out the $31k resistance.
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MicroStrategy (MSTR) recently revealed that it bought another 12,338 bitcoins between April 27 and June 27 at an average price of $28,136, bringing its total holding of BTC to 152,333. The company’s total holding is said to cost an average of $29,688 per bitcoin and is currently worth About $4.6 billion. MicroStrategy, led by bitcoin enthusiast Michael Saylor, is one of the largest holders of bitcoin. In a recent presentation, the company’s CEO, Fung Lee, said that the company will continue to implement its dual strategy of “growing our business intelligence software business and acquiring Bitcoin for the future.”
The cryptocurrency sector has been in the news recently after the world’s largest asset manager, BlackRock, said it had placed an order for a Bitcoin ETF. As part of the application, BlackRock included a Surveillance Sharing Agreement (SSA) to assuage SEC concerns about market manipulation. Subsequently, Fidelity also revealed its plans for a BTC ETF while other companies were seen filing BTC ETF applications with the SEC.
Bitcoin (BTC/USD) hits a six-week high on positive news flow
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The recent influx of positive news has seen Bitcoin check levels last seen in June 2022. The late April high of $31K has proven difficult to break convincingly as recent attempts have failed. The recent price action is building a bullish flag pattern and if it does, BTC could move sharply higher. The line of higher multi-month lows is also giving Bitcoin a positive boost, while all three moving averages are in bullish formation as well. A confirmed break above $31K could lead to a fresh move higher with $32.4K as the next level of resistance appears before $37.3K appears.
Bitcoin (BTC/USD) Daily Price Chart – Jun 29, 2023
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