30.07.202109:34 Forex Analysis & Reviews: Technical Analysis of BTC/USD for July 30, 2021

Crypto Industry News

As of June 30, 2021, MicoStrategy had approximately 105,085 BTC with a carrying amount of $ 2,051 billion. Since the first purchase, the total non-permanent loss was $ 689.6 million.

Despite reporting a loss of $ 424.8 million for the second quarter of this year, MicroStrategy has committed to purchasing more bitcoins.

However, this is only a paper loss based on bitcoin's end-quarter price and does not reflect the realized loss. At the moment, everything indicates that the bitcoin investment has brought MicroStrategy nearly a billion dollars more than the amount spent on purchases.

The report for the second quarter was released yesterday. As of June 30, 2021, MicoStrategy had approximately 105,085 BTC with a carrying amount of $ 2.051 billion, with a non-permanent loss of $ 689.6 million since the start of the buying wave. The average carrying amount per bitcoin was an estimated $ 19,518.

Digital Asset Data has been calculated using Generally Accepted Accounting Principles (GAAP) - a set of generally accepted accounting principles used in financial reporting. The company also provided a non-GAAP calculation, which in this report excludes "the impact of stock-based compensation costs and non-permanent losses and gains on the sale of intangible assets."

Non-GAAP data paints a different picture of MicroStrategy's digital assets, with a BTC cost base of $ 2.741 billion, but a market value of $ 3.653 billion, reflecting an average cost per BTC of $ 26,080 and a market price of $ 34,763 per day June 30.

Technical Market Outlook:

The BTC/USD pair has been seen consolidating the recent gains around the level of $40,500, just below the key supply zone. If the level of $40,890 is violated (local high), then the next target for bulls is seen at the level of $41,794 and $43,159. Those two levels are part of the key supply zone, so please be prepared for an increased bearish activity at this area. The technical support is located at the level of $36,336.

Weekly Pivot Points:

WR3 - $42,519

WR2 - $38,542

WR1 - $36,989

Weekly Pivot - $33,120

WS1 - $31,521

WS2 - $27,666

WS3 - $26,112

Trading Recommendations:

The bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $70,000. Any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $30,000 is clearly broken on the daily time frame chart (daily candle close below $30k).