Bitcoin’s price is slightly up at just above $26,200, with the crypto market rising 0.70% to a total valuation of $1.05 trillion. This comes as a result of MicroStrategy’s purchase of $150 million worth of Bitcoin, which has increased confidence in the digital currency as an economic salve.
Despite concerns about interest rate hikes and bond yields, the market’s future performance largely depends on Federal Reserve Chairman Powell’s upcoming speech. With this in mind, investors should expect some market fluctuations in the weeks ahead.
MicroStrategy’s (MSTR) acquisition of 5,445 bitcoins for $147.3 million in cash since August 1st, at an average price of $27,053 per bitcoin has certainly influenced the market. This, combined with their total of 158,245 bitcoins purchased at an average price of $29,582, has caused their current Bitcoin stash to be worth approximately $4.68 billion. The company’s shares were trading at $324.89 on Monday with Michael Saylor, their Executive Chairman, being a strong advocate for Bitcoin.
As a result of the positive news surrounding MicroStrategy’s commitment to accumulate digital assets, investor confidence in the cryptocurrency market has surged, potentially causing upward pressure on BTC prices.
In Lebanon, Bitcoin has emerged as an unexpected savior in the midst of their economic crisis, with citizens turning to the digital currency as a way to protect their wealth from the country’s rapid devaluation. Its decentralized nature allows it to engage in international transactions when local systems fail, highlighting its potential as a store of value and safe haven asset. This increased adoption could contribute to upward pressure on Bitcoin prices.
Bitcoin’s value is currently trading sideways, having fallen below the important support level of $26,500. There is a risk that it may drop even lower, below the significant benchmark of $26,000 in the near future. Additionally, BTC dipped below the $26,200 support level, briefly approaching the $26,000 mark. However, it has since established a recent bottom around the $26,026 mark and is now in a phase of loss consolidation. BTC presently hovers just above the 23.6% Fibonacci retracement level, with looming resistance at $26,350 and $26,500. If BTC breaches $26,700, there’s potential for an upswing towards $27,000 and $27,500. If not, BTC might decline to $25,400 or even $25,000.
To stay up-to-date with the world of digital assets, explore our handpicked collection of the best 15 alternative cryptocurrencies and ICO projects to keep an eye on in 2023. Our list has been curated by professionals from Industry Talk and Cryptonews, ensuring expert advice and critical insights for your cryptocurrency investments. Take advantage of this opportunity to discover the potential of these digital assets and keep yourself informed.
Finally, with the Crypto Price Tracker you can find the best price to buy or sell cryptocurrency. Be sure to do your own research, as cryptocurrencies are highly volatile investments with considerable risk.
