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Crypto Market Update: Bitcoin Price Analysis

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VOC, Voice of Crypto, Bitcoin, BTC

At the time of writing, Bitcoin is trading at around $21,311, up 2.54%. In the past 24 hours, Bitcoin hit a high of $21,597 and a low of $19,391.

Bitcoin Price Chart

Bitcoin Price Chart | Source: TradingView 

Bitcoin (BTC) Price Analysis

BTC continued to surprise when it turned around and surged past the $21,000 mark.

Bitcoin Liquidation

Bitcoin Liquidation | Source: Coinglass 

In the past 24 hours, the liquidity of BTC has increased rapidly, from $118.74 million to $372.09 million.

However, whether Bitcoin can maintain its upward momentum is the story most traders are interested in right now. Recent statistics show that Bitcoin is constantly trading in the range of $18,500 – $21,000. This further confirms the correlation between Bitcoin and macroeconomic fluctuations.

Today, the Fear & Greed index rose from 222/100 to 28/100, showing that the strong BTC rally is easing investor fears.

Bitcoin Fear & Greed Index

Bitcoin Fear & Greed Index | Source: alternative.me

It seems many crypto enthusiasts are betting on bitcoin. This is the case of MicroStrategy, which is planning on selling shares to add more BTC to its reserve.

As a result of the FTX collapse, the flagship crypto, Bitcoin, fell by 22% last week to a two-year low of $15,600. From a technical perspective, Bitcoin is losing its footing around its $18,000 support. BTC is currently trading at the $16,664 level.

MicroStrategy & Bitcoin

According to a new application filed with the Securities and Exchange Commission (SEC), MicroStrategy has entered into an agreement with dealers Cowen and Company and BTIG for the purpose of selling $500 million of shares. The proceeds are intended to be used to buy more Bitcoins.

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For some analysts, this fact constitutes a firm declaration of intentions by the company regarding the investment strategy focused on Bitcoin, since until a few months ago it was thought that this mainly was the interests and perspectives of Michael Saylor, former CEO of MicroStrategy.

Let’s keep in mind that Saylor left his position as CEO of the company to become executive chairman of the company. As he indicated, in this position, he could focus more on buying BTC for MicroStrategy, reiterating that he trusts this plan to make the entity one of the most representative in the sector thinking in the long term.

It is worth noting that since last 2020, MicroStrategy has been raising capital through various means to invest in BTC. They have gathered to date more than 130,000 BTC in their reserves, currently valued at more than USD $2,000 million at the current price per unit.

After the increase registered by BTC this September 10, MicroStrategy shares increased by 12%, but due to the publication of its latest report before the SEC, it fell by 1.5%.

The Rest Of The Crypto Market

Meanwhile, the majority of altcoins are on the rise:

  • Ethereum (ETH) reached $1,736, up 5.82%.
  • BNB reaches $294,467, up 4.34%
  • Ripple (XRP) is priced at $0.358, up 4.79%
  • Cardano (ADA) hits $0.524, up 8.77%
  • Solana (SOL) reached 34.90 USD, up 2.31%
  • Polkadot (DOT) reached $7.76, up 4.38%
  • Polygon (MATIC) reached $0.88, up 4.45%
  • Avalanche (AVAX) reached $20.64, up 4.95%

Disclaimer: Voice of crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

 

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Jim Haastrup is a freelance blockchain and metaverse writer. He helps founders, investors, startups, crypto, and blockchain enthusiasts connect with their audience and win investment through the written word.

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