Bitcoin, Ethereum Technical Analysis: BTC Rebounds on Thursday, Following Microstrategy’s Latest Purchase
Bitcoin rebounded on Thursday, as markets reacted to the news that Microstrategy bought an additional $374 million worth of the cryptocurrency. Michael Saylor’s firm now has 152,333 bitcoin, worth roughly $4.52 billion. Ethereum moved closer to $1,900 on the news.
Bitcoin
Bitcoin (BTC) edged higher in today’s session, after it was confirmed that Michael Saylor’s Microstrategy purchased 12,333 BTC.
Following the news, BTC/USD hit a high of $30,740.79, which comes after the price bottomed out at $29,921.82 the day prior.
Today’s rally has seen BTC briefly break out of a resistance level at the $30,700 mark, however bulls are struggling to sustain this.
At the the time of writing, bitcoin is trading at $30,678.73, with the relative strength index (RSI) nearing a ceiling of its own at 68.00.
Price strength is now at 67.02, with earlier bulls seemingly opting to secure some gains as the aforementioned resistance looms.
In the event this zone is breached, there is a good chance the price will rise over the $31,000 mark.
Ethereum
In addition to BTC, ethereum (ETH) marginally rose on Thursday, after bouncing from a key support point.
ETH/USD jumped to an intraday peak at $1,874.01 earlier in the day, less than 24 hours after settling at a low of $1,822.10.
Bulls rejected a breakout below a floor at $1,820, and have now instead begun to push price towards the $1,900 mark.
This started after the RSI rose above a resistance level at 53.00. It is currently tracking at 54.81.
As a result, bullish momentum has also heightened, with the 10-day (red) moving average extending its upward cross with its 25-day (blue) counterpart.
If this trend continues, ETH will likely hit $1,930 momentarily.
Register your email here to get weekly price analysis updates sent to your inbox:
Could Microstrategy buy more bitcoin in the coming weeks? Leave your thoughts in the comments below.
