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Michael Saylor, the manager chairman and a co-founder of MicroStrategy, revealed an attention-grabbing metric on Bitcoin BTC price. In the context of the spot Bitcoin ETF filings in current occasions, MicroStrategy features prominence because it presently holds the standing of being the most important institutional investor in Bitcoin on the planet.

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BTC’s Rare Flip Below Average

On Monday, August 28, 2023, Saylor shared a statistic on BTC value that exhibits Bitcoin traditionally buying and selling beneath the essential 200 Week Moving Average. Generally, this place has been related to a bullish wave. Hence, Michael Saylor is indicating that within the present value vary, the cryptocurrency is buying and selling at a purchase zone, with a possible for upside. “Rarely does $BTC trade below its 200 Week Moving Average,” he stated in a tweet.

Interestingly, that is a type of uncommon events when the MicroStrategy co-founder shared technical elements of Bitcoin, not like the standard statements he makes on the potential of the cryptocurrency.

What Could Impact BTC Price In Near Term

Earlier, CoinGape reported skilled feedback that the BTC value may seemingly rally all the way in which to the $150,000 vary if the spot Bitcoin ETF will get permitted. In the primary week of September 2023, the U.S. Securities and Exchange Commission (SEC) is scheduled to provide an replace on the ETF filings by a number of monetary corporations, together with the likes of Blackrock.

Meanwhile, MicroStrategy is about to proceed its buying of Bitcoin, rising from 152,800 BTC in whole presently.

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Anvesh experiences main crypto updates round regulation, lawsuits and buying and selling traits. Published round 1,000 articles and relying on crypto and net 3.0. He is presently primarily based in Hyderabad, India. Reach out to him at anvesh@coingape.com or twitter.com/BitcoinReddy

The offered content material might embody the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability on your private monetary loss.