- Bitcoin is currently at a resistance level, according to analysts who expect a monthly close above $30,000-32,000.
- Bitcoin traders seeking “further bullish confirmation” may face concerns over higher resistance.
- MicroStrategy is now making significant profits as the price of Bitcoin rebounds.
Bitcoin exceeds $30,000
Bitcoin crossed the crucial $30,000 mark again on Monday after the global crypto capitalization posted gains. Crypto Analyst CredibleCrypto note on X that some are waiting for a monthly close above the crucial level to confirm the bullish dynamic.
The analyst further wonders if other resistances levels like $35,000 or $37,000 would not raise similar concerns. CredibleCrypto said: “If you desire a monthly close above 32,000 (which could close at 33,000, 34,000 or higher), aren’t you just yearning for more resistance above? »
According to CoinGecko data, the price of Bitcoin (BTC) exceeds $30,500, with a 24-hour trading volume of $15.4 billion. Over a 24 hour period it increased by 2% and last week it increased by 10%.
BTC/USDT Weekly Chart
The price increase is accompanied by a decrease in Bitcoin exchange reserves, indicating that the pressure to sell the royal coin is high. sagging. In the derivatives market, long traders are outpacing short traders, which also indicates positive momentum, based on CryptoQuant data.
Crypto influencer @CryptoGodJohn on
If this is the start of a new $BTC trend, I don’t think you’ll get the deep pullbacks and retests like many people expect
Maximum pain leaving everyone on the sidelines
– Johnny (@CryptoGodJohn) October 22, 2023
Microstrategy saves costs
A number of top-rated companies with substantial exposure to Bitcoin and who were experiencing lower current BTC value-to-cost (NgU) ratios saw their positions improve. FXStreet previously noted that among major 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 profitable and have an NgU ratio greater than one, according to Bitcoin Treasurys data.
US-based MicroStrategy has the highest BTC holdings among public companies, with 158,245 Bitcoins worth around $4.5 billion. Previously, its NgU was 0.96x, now 1.03x.
Top holders of publicly traded BTC