28.09.202311:17 Forex Analysis & Reviews: Technical Analysis of BTC/USD for September 28, 2023

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Crypto Industry News:

MicroStrategy is a provider of analytical software. However, for several years now the company has been known mainly for investing in bitcoins. This is part of the company's broader policy.

Now MicroStrategy has acquired an additional 5,445 BTC worth USD 147.3 million. This was announced by the company's founder:

"MicroStrategy acquired an additional 5,445 BTC for approximately $147.3 million at an average price of $27,053 per bitcoin. As of September 24, 2023, MicroStrategy is trading 158,245 BTC acquired for approximately $4.68 billion at an average price of $29,582 for BTC," Michael Saylor wrote on his profile.

According to documents filed with the U.S. Securities and Exchange Commission (SEC), the company purchased cryptocurrencies between August 1 and September 24 at an average price of $27,053. As a result, as Saylor pointed out in his post, MicroStrategy holds a total of 158,245 BTC worth $4.68 billion. In June, the company purchased a total of 12,333 BTC for USD 347 million, while in March it spent USD 150 million for this purpose. It is worth adding that MicroStrategy added 467 BTC to its balance sheet in August alone for USD 14.4 million.

Technical Market Outlook:

The BTC/USD pair has been seen testing the 100 MA located around the level of $26,456. The bulls trying to break out above the line, but so far no avail. The local low was made at the level of $26,000, but the hit the extremely oversold market conditions on the H4 time frame chart, so a pull-back is now in progress. The key technical support is seen at the level of $25,000 and the intraday technical resistance is seen at the level of $26,818 (spike high).

Weekly Pivot Points:

WR3 - $27,094

WR2 - $26,626

WR1 - $26,344

Weekly Pivot - $26,153

WS1 - $25,874

WS2 - $25,682

WS3 - $25,212

Trading Outlook:

The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.

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