- 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.
Top publicly listed BTC holders
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto analyst says Bitcoin bottom is very close, another correction in BTC likely
Bitcoin is trading above $67,000 on Sunday after securing support at $65,000. While BTC holds its gains steady, analysts evaluate the price trend of the largest asset by market capitalization and predict a deeper correction in Bitcoin.
AI tokens could really ahead of Nvidia earnings
Amidst other narratives, AI tokens could gather momentum with the upcoming earnings result of NVIDIA next week. The $2.3 trillion company’s stock emerged as a poster child for the crypto AI sector and gains in the stock catalyzed a rally in cryptocurrency tokens.
Whale rotates capital from WIF to TREMP and BONK, Solana meme coins make comeback
Lookonchain identified a large wallet investor who rotated capital from Solana based meme coin Dogwifhat to Doland Tremp and Bonk. The two meme coins have added double-digit value to their prices in the past 24 hours, as seen on CoinGecko.
Crypto political donations surge to $94 million pre election, exceed previous elections by 13%
Crypto industry giants supported political campaigns in the US looking for pro-crypto governance in the US. A Bloomberg report from May 17 shows that crypto donors have spent $94 million in an effort to get pro-crypto regulation in the US.
Bitcoin: Is BTC out of the woods? Premium
Bitcoin (BTC) price action in the past two days has confirmed the resumption of the bull run. However, BTC needs to clear a few key hurdles before investors can go all-in.