Bitcoin, the original and most dominant cryptocurrency, has once again defied expectations by breaking above the $30,000 resistance level, leaving investors and market analysts alike wondering where it will go next.
This remarkable milestone highlights the growing acceptance and mainstream adoption of digital currencies, as well as their potential to disrupt traditional financial systems.
As excitement continues to build around bitcoin’s meteoric rise, market participants anxiously speculate on its future trajectory and the next price target in the ever-evolving landscape of cryptocurrency investments.
MicroStrategy’s Michael Saylor Champions Corporate Bitcoin Adoption as a Company’s Return on Investment
Michael Saylor, Founder and Executive Chairman micro strategyThe leading business intelligence firm has been a vocal supporter of bitcoin, pushing companies to adopt the cryptocurrency as a strategic asset.
As of April 5, 2023, MicroStrategy has accumulated 140,000 BTC with a total investment of $4.17 billion, demonstrating its commitment to the digital currency.
With an estimated average purchase price of $29,803 per bitcoin, MicroStrategy has achieved a significant return on its investment following the recent rally in the price of bitcoin.
This underscores the potential benefits of incorporating cryptocurrencies into corporate financial strategies.
MicroStrategy has steadily expanded its bitcoin holdings since making its initial acquisition in August 2020, despite a persistent crypto bear market. The company’s unwavering commitment to the digital currency reflects its belief in the long-term value of bitcoin.
bitcoin price
BitcoinThe price experienced a significant rally above the $28,800 resistance. BTC saw an increase of more than 6.5%, with the potential to move above the $30,500 resistance area. A solid support base was established above the $28,000 level, paving the way for impressive growth in bitcoin and its ability to break the crucial $28,800 resistance area.
Moreover, a break above a bullish continuation pattern with resistance near $28,900 on the hourly chart of the BTC/USD pair facilitated a sustained uptrend beyond the $29,200 resistance area.
A decisive break above the $30,500 resistance could potentially propel the price even higher, possibly reaching the $31,200 level, with the following important resistance near the $32,000 mark.
However, if bitcoin price fails to overcome the $30,500 resistance, there could be a downside correction. On the downside, an immediate support is near the $30,000 level, followed by a key support near the $29,200 area and the 50% Fib retracement level of the recent rise from the $28,200 low to $30,431 high.
A downside break and close below the $29,200 support could propel the price back towards $28,800, and any further losses would require a decline towards the $28,000 support area.
Top 15 Cryptocurrencies to Watch in 2023
To stay up to date with the latest ICO projects and altcoins, it is recommended to regularly consult our expert-curated list of the Top 15 Cryptocurrencies to Watch in 2023.
Doing so will help you stay well informed about emerging trends and opportunities in the crypto market.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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