Since it broke past $24K and formed a new all-time high above $24,200 this past weekend, the BTC/USD pair has witnessed some intense volatility.
The top crypto faced some selling pressure that sent it reeling down to lows of $22K earlier this morning. The bulls then stepped in and held gains above the $23,000 and $23,200 levels.
Volatility then kicked in over the past 2-3 sessions, resulting in a dip below $23K. The BTC price is currently down just under 1% at its current price of $22,720. A bullish trend line is forming with support near $23,080, and BTC must close above this line to avert further downsides.
BTCUSD Chart By Tradingview
Any downtrends will likely be limited due to the intense buying pressure near the $23,000 zone that could cause BTC to rocket higher and reclaim its position near the latest all-time high.
MicroStrategy Boosts BTC Price
Constant buying pressure from big-money corporations has provided an impetus for BTC seeing serious gains as of late.
The current rally that took BTC from the $19K level to highs above $24K has primarily relied on institutional investment flowing into the market. Another round of institutional buying to the tune of $650 million may have bolstered BTC when it was trading just below $22K.
A tweet from MicroStrategy CEO Michael Saylor earlier today revealed his company’s latest bout of buying that likely sparked a rally to highs of $24,200.
“MicroStrategy has purchased an additional 29,646 bitcoins for $650 million at an average price of $21,925 per Bitcoin and now hodl an aggregate of 70,470 bitcoins purchased for $1.125 billion,” Saylor tweeted.
The ongoing BTC rally is likely to gain pace as more high-wealth institutions continue to bid up the BTC price with massive buy-side pressure inflows.
For the world’s leading cryptocurrency to keep breaking new price records in the mid-term, other large players must follow MicroStrategy’s footsteps and continue buying the crypto.
Is ETH Price Set For Another Leg Higher?
Ethereum has struggled to clear the $660 resistance level for a few days now. In today’s sessions, the ETHUSD pair spiked lower below the $640 level and even hit lows below $620.
The bulls are currently protecting the $610 support, which could offer a strong base for another leg higher. However, a breakdown below this level will possibly call for a $600 handle test in the near term.
ETHUSD Chart By TradingView