Bitcoin, Ethereum Technical Analysis: BTC Surges Towards $30,000, Following Latest Microstrategy Filing
Bitcoin moved towards
the $30,000 level on Aug. 2, as markets reacted to the latest filings by
Michael Saylor’s Microstrategy. In the second quarter the company reportedly added
12,333 BTC at a cost of
$361.4 million. Ethereum jumped back above a key price floor of
$1,850.
Bitcoin (BTC) moved closer to
$30,000 on Wednesday, following news that Microstrategy added
12,333 BTC to its books in
Q2. After trading at a low of
$28,657.02 on Tuesday,
BTC/USD jumped to a high of
$29,988.00 earlier in today’s session.
This is the highest point that the cryptocurrency has hit since
July 24, which is the last time price traded above
$30,000.
Bitcoin chart by TradingView
After its filings,
Microstrategy CFO Andrew Kang said: “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 (red) moving average has now started to gradually shift direction, after an extended downtrend.
In addition to this, the relative strength index (RSI) has found a firm support point at the
46.00 level, with price strength now tracking at
47.11.
Ethereum chart by TradingView
At the time of writing, the index is now tracking at
45.67, with the next visible resistance level at
50.00
A jump to this point will likely result in ethereum
trading above $1,900.
