Carlos Fernandes On August 2nd, Bitcoin made a significant move towards the $30,000 mark in response to the recent filings made by Microstrategy, led by Michael Saylor. During the second quarter, the company reportedly acquired 12,333 BTC at a total cost of $361.4 million. Meanwhile, Ethereum also showed signs of recovery as it surged above the crucial price floor of $1,850.
Bitcoin
Bitcoin (BTC) made progress towards the $30,000 level on Wednesday, driven by the news of Microstrategy’s addition of 12,333 BTC to its holdings during Q2.
After hitting a low of $28,657.02 on Tuesday, BTC/USD surged to a peak of $29,988.00 earlier in today’s trading session.
This marks the highest point for Bitcoin since July 24, when its price last exceeded $30,000.
Following the recent filings, Microstrategy CFO Andrew Kang stated, “Our bitcoin holdings increased to 152,800 bitcoins as of July 31, 2023, with the addition in the second quarter of 12,333 bitcoins being the largest increase in a single quarter since Q2 2021.”
BTC’s 10-day moving average (red) has now begun to shift direction gradually, signaling a potential shift in trend after a prolonged downtrend.
Additionally, the relative strength index (RSI) found solid support at the 46.00 level, with the current price strength at 47.11.
Ethereum
Ethereum (ETH) managed to recover from its losses on Tuesday, reclaiming its position above the $1,850 level.
ETH/USD rallied to a high of $1,877.51 earlier in today’s session, bouncing back from a low of $1,817.92 observed the previous day.
This recovery followed a dip that brought Ethereum to a one-month low, and the RSI has now stabilized at the 45.00 mark.
At the time of writing, the RSI stands at 45.67, and the next visible resistance level lies at 50.00.
A move to this point could potentially push Ethereum’s price above $1,900.
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Could the latest Microstrategy filing prompt more significant investors to reenter the market? Share your thoughts in the comments section below.
Table Of Contents
Frequently Asked Questions (FAQs) about Cryptocurrencies
Q: What caused the surge in Bitcoin and Ethereum prices?
A: The surge in Bitcoin and Ethereum prices was triggered by Microstrategy’s latest filing, where they revealed acquiring 12,333 BTC in Q2 at a cost of $361.4 million. This news boosted market confidence and drove the prices higher.
Q: How much did Bitcoin and Ethereum’s prices increase?
A: Bitcoin moved closer to the $30,000 level, hitting a high of $29,988.00, the highest point since July 24. On the other hand, Ethereum rebounded above $1,850, reaching a peak of $1,877.51.
Q: What were the technical indicators for Bitcoin’s price movement?
A: Bitcoin’s 10-day moving average started to gradually shift direction, suggesting a potential change in trend. The relative strength index (RSI) found strong support at the 46.00 level, indicating increased price strength.
Q: How did Ethereum’s price bounce back?
A: Ethereum recovered from its one-month low of $1,817.92 and rallied to a high of $1,877.51, regaining its position above $1,850. The RSI stabilized at 45.00, indicating a stable floor for the cryptocurrency.
Q: What’s the significance of Microstrategy’s filing for the market?
A: Microstrategy’s filing may attract more significant investors, often referred to as “whales,” to reenter the market. The move indicates growing interest from institutional players and can influence market sentiment and investment decisions.
Q: How can I stay updated on weekly price analysis?
A: You can register your email to receive weekly price analysis updates. Just follow the provided sign-up link in the text.
More about Cryptocurrencies
- Microstrategy
- [Bitcoin Price Chart](link to a reputable Bitcoin price chart)
- [Ethereum Price Chart](link to a reputable Ethereum price chart)
- [Technical Analysis](link to a reliable source for cryptocurrency technical analysis)
- [Cryptocurrency News](link to a reputable cryptocurrency news website)
- [Relative Strength Index (RSI) Explained](link to an informative article about RSI)
