Bitcoin price surpasses $30,000, but the crypto market holds its breath for a monthly close to confirm bullish momentum. Stay updated on the latest developments in the cryptocurrency world.
In a turn of events that has excited Bitcoin enthusiasts, the world’s leading cryptocurrency has once again surged past the $30,000 threshold. This uptick comes on the heels of recent gains in the global crypto market cap, sparking hope for a bullish revival. However, experts warn that the battle is far from over, and Bitcoin may need to prove its mettle with a monthly close above the $30-32K range to cement its bullish status.
Cautious Optimism Amidst Resistance
Crypto analysts have been keeping a close eye on Bitcoin’s performance, and some are advising patience. Notably, they are advocating for a monthly closing price above $30,000 to confidently declare a resurgence in bullish momentum. The rationale behind this caution is that previous resistance levels, like $35,000 and $37,000, could pose similar challenges.
Prominent crypto analyst, CredibleCrypto, questioned the wisdom of longing for a monthly close above $32K or higher, stating, “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?”
As of the latest available data from CoinGecko, Bitcoin (BTC) is currently trading above $30,500, with a 24-hour trading volume of $15.4 billion. Over the past 24 hours, Bitcoin’s price has risen by 2%, and it has seen a 10% increase in value over the past week.
Supporting this price surge is the decline in Bitcoin Exchange Reserves, indicating a decreased pressure to sell digital assets. Additionally, data from CryptoQuant suggests that long-position traders currently outweigh short-position traders in the derivatives market, further strengthening the case for a bullish trend.
Bullish Sentiment Holds Strong
Crypto influencer @CryptoGodJohn believes that the future of Bitcoin might not be plagued by significant price drops or retests of lower levels, defying the expectations of many.
MicroStrategy Rides the Bitcoin Wave
Several publicly traded companies with substantial exposure to Bitcoin have been closely monitored in recent times. Notably, companies with a lower NgU (Net Unrealized Gain) ratio have faced challenges. Earlier reports indicated that among the top Bitcoin holders, only Marathon and Coinbase were in a positive position, considering their Bitcoin acquisition cost.
However, US-based business intelligence firm MicroStrategy has now made an entry into the exclusive club of the top five public companies with both profitability and a NgU ratio above one. Data from Bitcoin Treasuries reveals that MicroStrategy holds the highest amount of BTC among public companies, boasting 158,245 Bitcoin worth approximately $4.5 billion. This achievement signifies a shift in their NgU ratio from 0.96x to 1.03x, reflecting a profitable position based on their Bitcoin holdings’ average acquisition cost.
As Bitcoin continues its roller-coaster ride and corporate giants like MicroStrategy witness gains, the cryptocurrency market remains a focal point for investors and enthusiasts alike. With a keen eye on monthly closes and a growing sense of optimism, the crypto community eagerly anticipates the next chapter in the Bitcoin story.