Michael Saylor, the chief chairman and a co-founder of MicroStrategy, revealed an attention-grabbing metric on Bitcoin BTC price. In the context of the spot Bitcoin ETF filings in latest instances, MicroStrategy positive aspects prominence because it at present holds the standing of being the biggest institutional investor in Bitcoin on the earth.
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BTC’s Rare Flip Below Average
On Monday, August 28, 2023, Saylor shared a statistic on BTC value that reveals Bitcoin traditionally buying and selling beneath the essential 200 Week Moving Average. Generally, this place has been related to a bullish wave. Hence, Michael Saylor is indicating that within the present value vary, the cryptocurrency is buying and selling at a purchase zone, with a possible for upside. “Rarely does $BTC trade below its 200 Week Moving Average,” he stated in a tweet.
Interestingly, that is a type of uncommon events when the MicroStrategy co-founder shared technical features of Bitcoin, not like the standard statements he makes on the potential of the cryptocurrency.
What Could Impact BTC Price In Near Term
Earlier, CoinGape reported professional feedback that the BTC value might probably rally all the way in which to the $150,000 vary if the spot Bitcoin ETF will get accepted. In the primary week of September 2023, the U.S. Securities and Exchange Commission (SEC) is scheduled to present an replace on the ETF filings by a number of monetary firms, together with the likes of Blackrock.
Meanwhile, MicroStrategy is ready to proceed its buying of Bitcoin, rising from 152,800 BTC in whole at present.
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