Bitcoin slid a little from its highs of the previous day, leading to a barrier in the crypto market prices, but its support levels were firm at $29000.
The crypto market has seen several developments unfold in the last few days, but Bitcoin has remained broadly neutral. It has led to stagnant crypto market prices in the current week. Historically, interest rate hikes have led to periods of downward trend. The last hikes could not deter Bitcoin to a large extent, though.
It has strongly traded above its support levels at $29000. But, the $30000 mark still remains as a psychological resistance for Bitcoin. It also countered some positive news in the last 24 hours. Leading analytics firm MicroStrategy recently pronounced its bullish strategy for BTC. It is reportedly going to ramp up more Bitcoin soon.
It is going to offload some of its holdings to acquire Bitcoin. The company mentioned the following in its filing to regulators, “We intend to use the net proceeds from this offering for general corporate purposes, including the acquisition of Bitcoin and working capital, and, subject to market conditions.”
An institutional buying spree in August could boost Bitcoin’s prices. In this way, the crypto market could see a resurgence in its prices. According to experts and analysts, the overall market outlook could look positive.
BTC/USD 1D price chart
Bitcoin is currently trading at around $29000 on August 3, 2023, with BTC/USD going down by 1.1% in the previous 24 hours. BTC/USD is trading below its 20-day EMA (29,819.75) as BTC’s 24-hour volume decreased to around $15 billion. Bitcoin has seen around 75.80% returns on a year-to-date basis.