Bitcoin Price (BTC/USD) Needs To Break $31k To Regain Bullish Momentum

(CTN News) – In its recent press release, MicroStrategy (MSTR) revealed that it had purchased a further 12,338 Bitcoin between the 27th of April and the 27th of June at an average price of $28,136, which took its overall holding of BTC to 152,333 Bitcoins.

The firm’s overall holding is estimated to have cost, on average, $29,688 per BTC, making up a total value of approximately $4.6 billion at the beginning of 2018.

In terms of Bitcoin holdings, MicroStrategy is one of the largest, and is led by Bitcoin enthusiast Michael Saylor, who heads the team at MicroStrategy.

To prepare for the future, Phong Lee, the CEO of the company, has recently stated that the company will continue to follow its dual strategy, focusing on growing its business intelligence software business while also acquiring Bitcoin in order to prepare for the future.

BlackRock, one of the world’s largest asset managers, has recently come to the attention of the cryptocurrency sector when it announced that it has filed for a spot Bitcoin exchange-traded fund.

For the purpose of alleviating the SEC’s concerns about market manipulation, BlackRock included a surveillance-sharing agreement as part of the application.

Following the revelation of Fidelity’s plans for a BTC ETF, many other companies have also been seen submitting applications to the SEC for the establishment of a Bitcoin ETF.

Bitcoin has reached levels last seen back in June 2022 due to the recent positive news flow, as a result of the recent positive news flow.

It is worth mentioning that several attempts have been made in the past few weeks to break the high of $31k set in late April, but they have so far not been successful.

In the near future, it is likely that the price action on BTC will begin to form a bullish pennant pattern, and if this plays out during the near future, then BTC is likely to move sharply higher in the near future.

The Bitcoin price is also benefiting from a streak of higher lows for the last few months, as well as the fact that all three moving averages are also in a bullish pattern at the moment.

As soon as a break is confirmed above $31k, a fresh move higher could occur, with $32.4k acting as the next level of resistance before $37.3k becomes the next target.

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