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Since our last report, the price of Bitcoin appears to have skyrocketed, with the coin currently aiming for its all-time high figure. In this report, we aim to shed light on the current developments that may influence the future price action of cryptocurrencies, present the potential catalysts that could drive their prices in the near future and finally conclude with a technical analysis of Bitcoin.
Crypto: Overview Report
MicroStrategy adds $155 million worth of Bitcoin to its balance sheet
MicroStrategy, a company founded in 1989 and a longtime Bitcoin supporter announced last Monday that it had acquired an additional 3,000 bitcoins worth roughly $155 million at the time of purchase. The company’s latest acquisition brings its total holdings (including those in its subsidiaries) to approximately 193,000 bitcoins, worth roughly $12.5 billion at the time of this report, with BTC trading just north of 65,000 per coin.
Moreover, the company’s announcement appears to have led to BTCs price being propelled higher shortly after the announcement, as market optimism appears to have surged, resulting in the bulls taking control over the coin’s direction. As such, should the company continue to maintain their BTC holdings or even increase them, it could potentially provide support for bitcoins price. Whereas should they decide to capitalize on the crypto recent rally and start selling off some of their coins it could weigh on the price of Bitcoin. Yet for now it appears that the company might be in it for the long run.
BTC ETF inflows remain positive
According to various media outlets, BTC ETF inflows remained positive, despite bankrupt crypto lender Genesis selling 35 million GBTC shares, after receiving bankruptcy court approval to do so. The selling pressure may have temporarily weighed on the price of Bitcoin, yet according to the same report, BlackRock’s IBIT had a strong day, surpassing $10 billion AUM, thus in combination with other BTC ETFs, they may have offset the selling pressure derived from Genesis.
As such, with market anticipation rampant that BTC ETF may continue seeing inflows up until the halving date in April, it may boost the coin’s price potentially propelling it to new all-time highs. However, it should be noted that the net $92 million of inflows, was the lowest in a week according to BitMEX. Therefore, should BTC ETFs see an outflow of funds in the coming week, it could potentially weigh on the price of Bitcoin. However, for now at-least it appears that the positive market sentiment may continue which could further support the coin’s price.
Lastly, we would also like to note this week’s upcoming ICOs:
| Monday | Tuesday | Wednesday | Thursday | Friday |
| – | – | BRCStarter (#BRCST) | Masa (#MASA) | – |
Crypto Technical Analysis
BTC/USD Daily Chart
- Support: 61800 (S1), 51800 (S2), 43500 (S3)
- Resistance: 67600 (R1), 75000 (R2), 83000 (R3)
BTC/USD appears to have been propelled higher since last week crypto outlook, with the coin now seemingly on track to take aim at its all-time high figure situated near the 67600 (R1) resistance level. We maintain a bullish outlook for the coin and supporting our case is the upwards moving trendline which was formed on the 5th of February, in addition to the RSI indicator currently reading a figure of 87, implying a strong bullish market sentiment. However, the RSI reading of above 70 could also imply that the coin is overbought and may be due a market correction to lower ground.
Nonetheless, for our bullish outlook to continue, we would like to see a clear break above the 67600 (R1) resistance level, with the next possible target for the bulls being the 75000 (R2) resistance ceiling. On the other hand, for a sideways bias we would like to see the coin remain confined between the 61800 (S1) support level and the 67600 (R1) resistance line. Lastly, for a bearishoutlook we would like to see a clear break below the 61800 (S1) support level with the next possible target for the bears being the 51800 (S2) support base.
Disclaimer:
This information is not considered as investment advice or an investment recommendation, but instead a marketing communication. IronFX is not responsible for any data or information provided by third parties referenced, or hyperlinked, in this communication.
JA 
