Bitcoin (BTC/USD) presents a reserved yet positive picture in today’s market, trading at approximately $38,150. The 4-hour chart demonstrates a stable progression with key resistance and support levels in focus. The pivotal price point for Bitcoin is currently at $37,572, with immediate resistance observed at $38,249. Should the momentum continue, further resistance levels await at $39,070 and $39,801.BTC Hits $38,000 Amid MicroStrategy Buy & SEC ETF Buzz
The Relative Strength Index stands at a moderately bullish 59.24, suggesting potential for growth without signaling an overbought scenario. The upward channel pattern visible on the chart supports this bullish sentiment, indicating persistent buying pressure at the lower trend line.
As long as Bitcoin remains above the pivot point, the near-term outlook remains optimistic, with the currency likely to challenge immediate resistance levels. Traders may anticipate a test of the $38,249 resistance, and a consolidation above this could pave the way for an approach towards the $39,070 mark.
MicroStrategy, a software analytics firm, has strategically increased its Bitcoin holdings. The company purchased an additional 16,130 bitcoins for $593.3 million, raising its total to 174,530 – a more than 10% increase. Starting in August 2020, the company began accumulating Bitcoin as its primary reserve asset. As of November 29, their Bitcoin assets were valued at approximately $6.6 billion. Concurrently, MicroStrategy initiated a $750 million Class A common stock offering with Cowen and Company, aiming to further boost their Bitcoin stakes.
Blackrock’s New Strategy for Spot Bitcoin ETF to Address SEC
The world’s largest asset manager, BlackRock, recently reconvened with the U.S. Securities and Exchange Commission (SEC) to discuss their application for a spot Bitcoin ETF. To address the SEC’s concerns, BlackRock proposed a “revised in-kind” model, also known as a “prepay,” which aims to mitigate risks and manage balance sheet implications during redemption flows.
