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Bitcoin (BTC/USD) Needs a Confirmed Break of $31k to Regain Bullish Momentum

Bitcoin (BTC/USD) Needs a Confirmed Break of $31k to Regain Bullish Momentum

Nick Cawley, Senior Strategist

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Bitcoin (BTC) Prices, Charts, and Analysis:

  • MicroStrategy Bitcoin holding back in profit.
  • Bitcoin needs to take out resistance at $31k.
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MicroStrategy (MSTR) revealed recently that it had purchased a further 12,338 Bitcoin between April 27 and June 27 at an average price of $28,136, taking its overall holding of BTC to 152,333. The firm's overall holding is said to have cost on average $29,688 per BTC and is currently worth around $4.6 billion. MicroStrategy, led by Bitcoin enthusiast Michael Saylor, is one of the largest holders of Bitcoin. At a recent presentation, the firm’s CEO, Phong Lee said that the company would continue to execute 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 that it has filed for a spot Bitcoin ETF. As part of the application, BlackRock included a surveillance-sharing agreement (SSA) to potentially allay the SEC’s concerns over market manipulation. Subsequently, Fidelity also revealed its plans for a BTC ETF while other companies are also seen putting in BTC ETF applications to the SEC.

Bitcoin (BTC/USD) Posts a Six-Week High on Positive News Flow

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The recent positive news flow has seen Bitcoin probe levels last seen in June 2022. The late-April high at $31k is proving difficult to break convincingly with recent attempts unsuccessful. The recent price action is building a bullish pennant pattern and if this plays out, BTC could move sharply higher. A multi-month streak of higher lows is also giving Bitcoin a positive boost, while all three moving averages are also in a bullish formation. A confirmed break above $31k could spark a fresh move higher with $32.4k as the next level of resistance before $37.3k comes into view.

Bitcoin (BTC/USD) Daily Price Chart – June 29, 2023

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What is your view on Bitcoin – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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