- MicroStrategy increased its Bitcoin holdings by approximately 5,445 BTC recently.
- Bitcoin’s price rose by 0.64% in the recent 24-hour trading period.
- Two major bearish indicators are nearing activation on Bitcoin’s daily chart.
The recent decline in Bitcoin
Market intelligence platform Santiment has reported that institutional investor MicroStrategy capitalized on a buying opportunity to increase its BTC holdings. As per a post by Santiment, MicroStrategy added approximately 5,445 BTC to its
MicroStrategy’s most recent acquisition of BTC tokens was their biggest since April 5th of this year, when they purchased just six days before Bitcoin’s price surge to $30K. CrediBULL Crypto has forecasted that, given the current market conditions, Bitcoin’s price may rise to $27K shortly.
In the most recent 24-hour trading period, BTC’s price rose by 0.64%, per CoinMarketCap data. This pushed the price of the top cryptocurrency to around $26,292.14 at the time of reporting. BTC’s 24-hour trading volume also saw a minor increase of 0.28%, amounting to a total of $10,478,630,893.
From a technical analysis perspective, two major bearish indicators were nearing activation on the daily chart of BTC. Initially, the 9-day Exponential Moving Average (EMA) line was poised to move beneath the 20-day EMA line at the time of reporting. This implied that the selling volume of BTC over the past 9 days had surpassed that of the preceding 20 days.
Furthermore, the daily MACD line was nearing a point where it could cross below the daily MACD Signal line. Should these technical indicators intersect, BTC’s recent bearish trend may persist in the upcoming days.
Should these two technical indicators be activated and confirmed, the price of BTC could breach the crucial support level of $26K. Following this, market participants might further push BTC’s value to the $25K threshold.
Conversely, if BTC manages to close a daily candle beyond the 9-day EMA line, approximately at $26,449.58, in the forthcoming 48 hours, it could negate the bearish outlook. This could result in BTC surpassing the $26,915 mark before escalating to the next level at $27,915.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
