CDS Crypto News Bitcoin Price Rises Again: Long-Term Investors Eye BTC Accumulation Amid Market Volatility
Crypto News

Bitcoin Price Rises Again: Long-Term Investors Eye BTC Accumulation Amid Market Volatility

11
Bitcoin Price Rises Again Long-Term Investors Eye BTC Accumulation Amid Market Volatility

Bitcoin Price Rises Again: MicroStrategy Plans Massive $42B Bitcoin Fund

Bitcoin Price Rises Again: MicroStrategy Plans Massive $42B Bitcoin Fund

Bitcoin dropped below $69,000 on November 1, but the bears could not hold the price down. The bulls’ strong buying has caused the price to rise again above the $70,000 mark, suggesting that sentiment is favorable. As Bitcoin approaches its record high of $73,777, sellers will probably intervene. On October 31, 54,352 Bitcoin were delivered to cryptocurrency exchanges by short-term holders or organizations that retain Bitcoin for a maximum of 155 days, according to Glassnode data.

Long-term investors are looking for ways to increase the amount of Bitcoin in their portfolios, even as traders speculate about the cryptocurrency’s short-term price action. In order to purchase more Bitcoin, MicroStrategy announced plans to raise $21 billion in fixed-income securities and $21 billion in equity over the following three years.

Bitcoin Battles $72K Resistance: Bulls Aim for Record High Breakout

Bitcoin Battles $72K Resistance: Bulls Aim for Record High Breakout

On October 31, Bitcoin fell below the $72,000 support, then on November 1, it hit the 20-day exponential moving average ($68,132). The candlestick’s extended tail indicates strong buying close to the 20-day EMA. The bears resisted attempts by buyers to raise the price back above $72,000. A Doji candlestick pattern has developed on the BTC/USDT pair, suggesting that the bulls and bears are unable to decide.

Should buyers get beyond the $72,000 barrier, the pair might push past the record high of $73,777. The second leg of the upward rise may begin if there is a break and a close above this level. The pair might rise in the direction of the $93,554 pattern target. To erode bullish momentum, sellers must lower the price and keep it below the 20-day EMA. After that, the pair can drop below the $64,674 50-day simple moving average.

For more up-to-date crypto news, you can follow Crypto Data Space.

Bitcoin Price Rises Again: Long-Term Investors Eye BTC Accumulation Amid Market Volatility
Written by
lectertodd

Lectertodd is 27 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

Leave a comment

Leave a Reply

Related Articles

BRICS Pay: Revolutionizing Cross-Border Transactions

BRICS Pay is a payment initiative by BRICS nations aimed at enhancing...

NFT Market Sees 18% Volume Increase in October: A Sign of Recovery

In October 2024, the NFT market experienced a significant recovery, recording an...

This Week in Crypto: Major Price Swings, Strategic Moves, and Regulatory Changes

This Week in Crypto: Major Price Swings, Strategic Moves, and Regulatory Changes

Close US Election Could Be the Catalyst for Crypto Market Momentum, Analyst Predicts

Close US Election Could Be the Catalyst for Crypto Market Momentum, Analyst...