Michael Saylor, the executive chairman and a co-founder of MicroStrategy, revealed an interesting metric on Bitcoin BTC price. In the context of the spot Bitcoin ETF filings in recent times, MicroStrategy gains prominence as it currently holds the status of being the largest institutional investor in Bitcoin in the world.

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BTC’s Rare Flip Below Average

On Monday, August 28, 2023, Saylor shared a statistic on BTC price that shows Bitcoin historically trading below the crucial 200 Week Moving Average. Generally, this position has been associated with a bullish wave. Hence, Michael Saylor is indicating that in the current price range, the cryptocurrency is trading at a buy zone, with a potential for upside. “Rarely does $BTC trade below its 200 Week Moving Average,” he said in a tweet.

Interestingly, this is one of those rare occasions when the MicroStrategy co-founder shared technical aspects of Bitcoin, unlike the usual statements he makes on the potential of the cryptocurrency.

What Could Impact BTC Price In Near Term

Earlier, CoinGape reported expert comments that the BTC price could likely rally all the way to the $150,000 range if the spot Bitcoin ETF gets approved. In the first week of September 2023, the U.S. Securities and Exchange Commission (SEC) is scheduled to give an update on the ETF filings by several financial companies, including the likes of Blackrock.

Meanwhile, MicroStrategy is set to continue its purchasing of Bitcoin, growing from 152,800 BTC in total currently.

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Anvesh reports major crypto updates around regulation, lawsuits and trading trends. Published around 1,000 articles and counting on crypto and web 3.0. He is currently based in Hyderabad, India. Reach out to him at anvesh@coingape.com or twitter.com/BitcoinReddy

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Bitcoin (BTC), the world’s largest digital currency by market capitalization, is seeing a relatively bad weekend after losing its major support level at $28,000. At the time of writing, the crypto is trading at a spot price of $27,652.14, down by a marginal 0.11% over the past 24 hours. 

While the digital currency appears to have a bearish outlook, a crucial network metric has shown that Bitcoin has the right technical backing to encourage more resilience and longsuffering amongst its HODLers.

According to data from IntoTheBlock, there are currently more holders that are in profit despite the current outlook. Per the data, a total of 30.42 million addresses are in the money, a figure that accounts for 67.22% of all the addresses hosted on the network. This outpaces the 29% of addresses that are in losses and the 3.44% that are currently in the money.

The fact that Bitcoin is largely a profitable digital currency accounts for one of the key reasons why it remains a delight of institutional investors. With many instinctive actions coming to light in the Bitcoin network including the recent age-long wallet from the Satoshi era coming to life, more actions may be recorded in the near term.

Is Bitcoin (BTC) Bottom In?

Bitcoin entered into April with a bullish momentum which pushed it to rise to more than $31,005 since the start of the month. While many expected the price to keep growing and signify the start of a new rally, the ongoing bearish slump indicates the crypto winter is far from over.

Despite this current outlook, many Bitcoin (BTC) proponents believe the digital currency has formed a very crucial support around the $25,000 level. There are high projection that Bitcoin price will retest it’s All-Time High (ATH) above $68,000 should the broader positive be sustained.

With the forthcoming Bitcoin Halving set to take place exactly in a year’s time, many believe investors will wade into the digital currency with the expectations that the price of the asset will stay on a path of growth in the near term.

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.