This is shaping up to be a great week for crypto. Bitcoin just broke above $60,000 for the first time this month. In fact, remember how people said September was the worst month in history for crypto?
We are almost halfway through the month and it is still a “green” month as BTC price was around $58,000 on September 1.
Ethereum is also doing well as ETH price approaches the important $2.5K level after gaining 4% today.
However, a lot can change in the second half of the month. Let's see why cryptocurrency prices are rising today.
MicroStrategy Continues Buying Bitcoin
MicroStrategy has made another Bitcoin purchase. The company reportedly bought another 18,300 BTC, worth about $1.11 billion, at an average price of $60,408 between August 6 and September 12.
MicroStrategy purchased an additional 18,300 $BTC ($1.11B) for $60,408 between August 6 and September 12!#MicroStrategynow holds 244,800 $BTC ($14.15B) and the average purchase price was $38,585. At current prices, that's a profit of ~$4.71B!
This latest acquisition brings MicroStrategy’s total Bitcoin holdings to a staggering 244,800 BTC, worth approximately $14.15 billion. The company’s average purchase price is currently $38,585. At current market prices, MicroStrategy is making a profit of approximately $4.71 billion from its Bitcoin investments.
Bitcoin is approaching a key resistance level
Cryptocurrency trader Ali reported that Bitcoin is approaching a key resistance zone. According to his data, there are 1.52 million addresses holding more than 770,000 BTC between $59,885 and $61,625.
Bitcoin’s concentration at these price levels creates a significant barrier to further upside. If Bitcoin breaks through this resistance, it could potentially rise to $64,300. However, if this resistance holds, we could see a pullback to around $57,235.
#Bitcoin is approaching a key resistance zone, with 1.52 million addresses holding over 770,000 $BTC between $59,885 and $61,625. If this level is broken,#BTCcould rise to $64,300. However, if it holds, a pullback to $57,235 could occur.
It is important to note that 770,000 BTC represents a large amount of Bitcoin – more than 3.6% of the total supply. Such a large amount of Bitcoin at a given price range can actually create strong resistance or support, depending on whether these holders decide to sell or hold their assets.
BlackRock’s Bitcoin ETF Sees Huge Trading Volume
In other positive news, Bitcoin Magazine reported on X (Twitter) that BlackRock’s spot Bitcoin ETF, IBIT, saw a trading volume of $1.1 billion today.
This trading activity in a large institutional investment product shows growing interest in Bitcoin, which may have helped BTC price surge today.
#CPI_BTC_Watch #LowestCPI2021 #BTC☀ #Wifey
