The Bitcoin (BTC) community rejoiced now that the chief crypto is now back at $30,000. This price was never seen since June 2022, 10 months from today.
Read CRYPTONEWSLAND onWhile many are still not back in the green, especially those who purchased BTC at its all-time high (ATH), MicroStrategy is finally back to profiting from heavily investing for many years. Specifically, MicroStrategy’s latest BTC buy revealed that the average cost of one bitcoin owned by the firm is $29,803.
Almost a week ago, Michael Saylor revealed that they bought an additional 1,045 bitcoins for $29.3 million. The latest stats announced by the firm stands at 140,000 bitcoins acquired for around $4.17 billion.
What is more, MicroStrategy’s stock has surged to around 121% since the beginning of the year. Now, many are confident that BTC’s rally will resume after weeks of barely moving between the $28,000 to $29,000 range.
As to the reason behind the price surge, BTC’s upward movement was due to heightened trading volume across various exchanges. There was no significant news that directly drove the market up.
As seen in the chart above, BTC’s relative strength index (RSI) is close to being overbought. Now, BTC’s next target zone is from $31,600 to $32,500. This will only become possible if BTC gathers enough buyers at $30,000 to flip this psychological resistance level into support for the next leg.
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