Today, Bitcoin is trading in the green zone. The price of Bitcoin returned above $38,000 and even tried to rise above $39,000 again. This attempt was unsuccessful. At the time of publication, around 38,850.
Market analysts believe that MicroStrategy provided short-term support to Bitcoin. Its representative Phong Le said this week that the company continue to buy cryptocurrency. Moreover, the accumulative strategy will dominate even if the BTC price falls below $30,000. MicroStrategy is currently in the list of companies holding BTC and trading on the stock markets.
MicroStrategy has been acquiring Bitcoins since the summer of 2020 and will continue to accumulate cryptocurrency.
On the hourly chart, the BTC/USD pair is trading in the range of 37,600-39,000. The lower limit of this range has already held back the price of Bitcoin from falling three times and twice limited the price from rising above 39,000.
Due to the growth, the BTC/USD pair has risen above the 100-hour moving average. However, to continue ascending, the pair needs to rise above the nearest resistance at 39,000. Further, the BTC/USD pair will face the resistance in the 39,300 area.
If the BTC/USD pair fails to rise above 39,000, we will see a new decline towards the lower border of the range. Before that, the pair will receive support in the area of 38,400. Further, the level of 37,900 will try to stop the decline of the BTC/USD pair.