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Bitcoin Reached $31K Mark: Monthly Close Awaits Confirmation

Bitcoin Reached $31K Mark: Monthly Close Awaits Confirmation

Bitcoin, the leading cryptocurrency, has once again surged above the crucial $30,000 threshold as global crypto capitalization records notable gains. CredibleCrypto, a prominent crypto analyst, has highlighted the significance of a monthly close above this level to confirm bullish momentum. However, concerns linger among traders as they ponder higher resistance.

Bitcoin Analysts Cautiously Optimistic

Crypto traders seeking “further bullish confirmation” remain vigilant about potential obstacles posed by higher resistance levels. CredibleCrypto has voiced doubts about the ease of surpassing levels like $35,000 or $37,000, suggesting that longing for a monthly close above $32,000 could potentially lead to even more resistance.

Bitcoin’s Current Market Data

Based on CoinGecko data, Bitcoin (BTC) is currently priced at over $30,500, with a 24-hour trading volume reaching $15.4 billion. Over the past 24 hours, Bitcoin has witnessed a 2% increase, while the past week has seen a notable 10% uptick in its value.

Read More: Reddit Mods Dumped Tokens Minutes Before Blockchain Program Shutdown

Positive Indicators for Bitcoin Reached $31K

As the price of Bitcoin surges, the decrease in Bitcoin Exchange Reserves indicates reduced selling pressure on the cryptocurrency. Moreover, data from CryptoQuant reveals that long position traders in the derivatives market are surpassing their short position counterparts, signifying a positive momentum shift.

Crypto Community’s Perspective

Prominent crypto influencer @CryptoGodJohn believes that the latest Bitcoin Reached $31K trend may defy expectations of significant price drops or retests of lower levels, challenging prevailing market sentiments.

MicroStrategy’s Impressive Gains

Notably, MicroStrategy, a US-based company with substantial Bitcoin holdings, has now joined the ranks of top public companies in profit. With 158,245 Bitcoins valued at approximately $4.5 billion, MicroStrategy’s NgU (Net Unrealized Gains) ratio has risen from 0.96x to 1.03x, solidifying its position as a leader in the crypto market.

In summary, as Bitcoin breaches the $30,000 mark and MicroStrategy registers substantial gains, the crypto market’s dynamics continue to evolve, offering both promise and caution for investors and enthusiasts alike.

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Please note that this article serves solely for informational purposes. As such, it is not financial advice. We strongly advise readers to conduct thorough research and consult with financial professionals before making any investment decisions.

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