Bitcoin Price Prediction: MicroStrategy Buys Another $458M BTC As Experts Say This New ICO Might Be The Best Crypto To Buy Now
The Bitcoin price edged up a fraction of a percent in the last 24 hours to trade at $62,916 as of 10:32 p.m. EST even as trading volume tumbled 9% to $34 billion.
This comes as Michael Saylor’s MicroStrategy announced that it had purchased an additional $458 million worth of Bitcoin. After purchasing the 7,420 BTC, the company confirmed that it now holds a remarkable 252 BTC acquired at an average cost of $39,266.
Bitcoin Price On A Bullish Trend: Could It Continue?
The Bitcoin price capitalized on the cup and handle pattern and the $58,000 support to push the price up, according to data from GeckoTerminal .
BTC now trades above both the 50-day and 200-day Simple Moving Averages (SMAs), affirming the sustained bullish trend.
Moreover, the Relative Strength Index (RSI) seems to be rebounding above the 60 zone as it hurtles towards the 70-overbought region, a confirmation that the asset is currently under intense buying pressure.
The continued positive trajectory is also supported by the Moving Average Convergence Divergence (MACD), which is now soaring above the neutral zone.
If the positive trend continues, the price of Bitcoin could soar even further, as the BTC price bulls target $67,000.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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