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%.
BTC/USDT weekly chart
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
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.
Author
Shraddha Sharma
FXStreet
With an educational background in Investment Banking and Finance, Shraddha has about four years of experience as a financial journalist, covering business, markets, and cryptocurrencies.
