Investing.com | Editor Venkatesh Jartarkar
Published Oct 23, 2023 10:20AM ET
Bitcoin has made a significant stride, breaking past the $30,000 resistance level once again today. This development has led market analysts such as CredibleCrypto to ponder the potential implications of higher resistance levels at $35,000 or $37,000.
With Bitcoin’s price listed over $30,500 and a substantial 24-hour trading volume of $15.4 billion according to CoinGecko data, the global cryptocurrency capitalization has seen gains. Market participants are keenly observing a monthly close above this pivotal point to affirm bullish momentum.
The BTC/USDT weekly chart and CryptoQuant data have shown a decrease in Bitcoin Exchange Reserves alongside an uptick in long position traders. This suggests a reduction in sell pressure and a positive market trajectory.
In the same vein, crypto influencer @CryptoGodJohn has proposed that the ongoing Bitcoin trend might not see major price dips or lower-level retests as anticipated by many.
Companies with heavy investments in Bitcoin have experienced improved positions due to the cryptocurrency’s price surge. MicroStrategy, Marathon, and Coinbase (NASDAQ:COIN) are among those benefiting from this uptick.
MicroStrategy currently holds 158,245 Bitcoin worth approximately $4.5 billion. According to Bitcoin Treasuries data, it sports a NgU ratio of 1.03x, indicating profitability amidst the rebounding Bitcoin market.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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Written By: Investing.com
