Bitcoin breaks $30K barrier but awaits monthly close for bullish confirmation
|- Bitcoin is currently at a resistance level, as per analysts who await a monthly close above $30-32K.
- Bitcoin traders seeking 'further bullish confirmation' may face concerns about higher resistance.
- MicroStrategy is now making a significant profit as Bitcoin's price rebounds.
Bitcoin hovers above $30,000
Bitcoin breached the crucial $30,000 mark once again on Monday after the global crypto capitalization registered gains. Crypto analyst CredibleCrypto noted on X that some are waiting for a monthly close above the crucial level to confirm the bullish momentum.
The analyst further questions if other resistance levels like $35,000 or $37,000 would not create similar concerns. CredibleCrypto said,”If you long a monthly close above 32k (which could close at 33k, 34k or higher), aren't you just longing into more resistance above?”
Based on CoinGecko data, Bitcoin (BTC) is priced over $30,500, with a 24-hour trading volume of $15.4 billion. In the 24-hour time frame, it has gone up by 2%, and in the past week, it increased by 10%.
The price increase is accompanied by a decrease in Bitcoin Exchange Reserves, which indicate that the pressure to sell the king coin is subsiding. In the derivatives market, the long position traders are exceeding the short position traders, also indicating positive momentum, based on CryptoQuant data.
Crypto influencer @CryptoGodJohn on X believes that the new Bitcoin trend might not see significant drops in its price or retests of lower levels like many people anticipate.
If this is the early stages of a new $BTC trend I do not think you will get the deep pull backs and retests as many people expect
— Johnny (@CryptoGodJohn) October 22, 2023
Max pain leaving everyone on the sidelines
If this is the early stages of a new $BTC trend I do not think you will get the deep pull backs and retests as many people expect
— Johnny (@CryptoGodJohn) October 22, 2023
Max pain leaving everyone on the sidelines
Microstrategy registers gains on cost
A number of top-listed companies with substantial exposure to Bitcoin that were experiencing lower ratios of BTC's current value to cost (NgU) have seen their positions improve. FXStreet previously noted that of the top Bitcoin holders, only Marathon and Coinbase were in a positive position based on the average acquisition cost of their Bitcoin holdings.
However, MicroStrategy has now joined the list of top five public companies that are in profit and have a NgU ratio above one, as per data from Bitcoin Treasuries.
US-based MicroStrategy has the highest BTC holdings among public companies with 158,245 Bitcoin worth approximately $4.5 billion. Previously, its NgU was 0.96x, which has turned to 1.03x.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.