Bitcoin, Ethereum Technical Analysis: BTC Surges Towards $30,000, Following Latest Microstrategy Filing

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Bitcoin moved towards the $30,000 level on Aug. 2, as markets reacted to the latest filings by Michael Saylor’s Microstrategy. In the second quarter the company reportedly added 12,333 BTC at a cost of $361.4 million. Ethereum jumped back above a key price floor of $1,850.

Bitcoin

Bitcoin (BTC) moved closer to $30,000 on Wednesday, following news that Microstrategy added 12,333 BTC to its books in Q2.

After trading at a low of $28,657.02 on Tuesday, BTC/USD jumped to a high of $29,988.00 earlier in today’s session.

This is the highest point that the cryptocurrency has hit since July 24, which is the last time price traded above $30,000.

After its filings, Microstrategy CFO Andrew Kang said: “Our bitcoin holdings increased to 152,800 bitcoins as of July 31, 2023, with the addition in the second quarter of 12,333 bitcoins being the largest increase in a single quarter since Q2 2021.”

BTC’s 10-day (red) moving average has now started to gradually shift direction, after an extended downtrend.

In addition to this, the relative strength index (RSI) has found a firm support point at the 46.00 level, with price strength now tracking at 47.11.

Ethereum

Ethereum (ETH) rebounded from Tuesday’s losses, climbing back above the $1,850 level on hump-day.

ETH/USD rallied to a high of $1,877.51 earlier in today’s session, which follows up from a low of $1,817.92 the day prior.

The move saw ethereum bounce back from yesterday’s one-month low, and comes as the RSI found a stable floor at 45.00.

At the time of writing, the index is now tracking at 45.67, with the next visible resistance level at 50.00

A jump to this point will likely result in ethereum trading above $1,900.

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Will today’s Microstrategy filing lead more whales to reenter the market? Leave your thoughts in the comments below.