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Bitcoin had a solid rise yesterday, breaking the $70,000 mark. Most purchases occurred during the American session. Ethereum also showed strong growth, stabilizing above $2,000.
It is clear that large companies are taking advantage of the market downturn to acquire assets. For example, in Strategy of Sailor, 3,015 BTC were purchased last week at an average price of $67,700 per BTC—now the company holds 720,737 BTC, bought for $54.77 billion at an average price of $75,985. This move demonstrates the management's confidence in Bitcoin's prospects, despite short-term fluctuations.
Simultaneously, BitMine, led by Tom Lee from Fundstrat, has also ramped up its activities. Last week, BitMine added another 50,928 ETH to its balance. This purchase underscores the company's commitment to its strategy. Such actions indicate the company's belief in the growth potential and ecosystem development of Ethereum, despite the billion-dollar paper losses the company is currently incurring due to the sharp market crash.
It is important to note that Bitcoin and Ethereum closed February with their fifth consecutive losing month, which indicates a bearish market character. However, the aggregate of these investment decisions indicates an aggressive strategy among companies seeking to maximize their market share in the cryptocurrency sector. Notably, despite significant investment volumes, the average purchase price of BTC remains below current market quotations, which is a positive signal for the companies.
As for the intraday strategy in the cryptocurrency market, I will continue to rely on major pullbacks in Bitcoin and Ethereum in anticipation of the ongoing development of a long-term bull market, which has not gone away.
For short-term trading, the strategy and conditions are described below.
Scenario No. 1: I will buy Bitcoin today when the entry point reaches around $68,500, aiming for growth to $69,500. At around $69,500, I will exit my positions and sell immediately on a pullback. Before buying on a breakout, ensure the 50-day moving average is below the current price and the Awesome indicator is above zero.
Scenario No. 2: I can buy Bitcoin at the lower boundary at $67,700 if there is no market reaction to its breakout back to $68,500 and $69,500.
Scenario No. 1: I will sell Bitcoin today when the entry point reaches around $67,700, aiming for a drop to $66,700. Around $66,700, I will exit my sales and buy immediately on a pullback. Before selling on a breakout, ensure the 50-day moving average is above the current price and the Awesome indicator is below zero.
Scenario No. 2: I can sell Bitcoin from the upper boundary at $68,500 if there is no market reaction to its breakout back to levels of $67,700 and $66,700.
Scenario No. 1: I will buy Ethereum today when the entry point reaches around $2,015, aiming for growth to $2,038. Around $2,038, I will exit my purchases and sell immediately on a pullback. Before buying on a breakout, ensure the 50-day moving average is below the current price and the Awesome indicator is above zero.
Scenario No. 2: I can buy Ethereum at the lower boundary at $1,985 if there is no market reaction to its breakout back to $2,015 and $2,035.
Scenario No. 1: I will sell Ethereum today when the entry point reaches around $1,985, aiming for a drop to $1,954. Around $1,954, I will exit my sales and buy immediately on a pullback. Before selling on a breakout, ensure the 50-day moving average is above the current price and the Awesome indicator is below zero.
Scenario No. 2: I can sell Ethereum at the upper boundary at $2,015 if there is no market reaction to its breakout back to $1,985 and $1,954.
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