Bullish Bitcoin price predictions needed to see a penetrating close above 56000 to confirm the recovery from last week’s dip. Thanks to dip-buying by the El Salvadorian government and MicroStrategy, this was fulfilled on Sunday evening.
With price firmly kicking off on Monday following Sunday’s closing penetration above 56927, the price action has continued to march northwards, clearing 58000 in the New York session as risky assets shook off Friday’s jolt from the Omicron variant.
MicroStrategy purchased an additional 7,002 Bitcoin to send its holdings to 121,044, according to a regulatory finding. The cost of the acquisition over time has topped $3.6 billion. SkyBridge Capital also bought into last week’s dip, providing further institutional pressure that has helped to support prices.
Following a rigorous support test at 53840, the bulls came into full force on institutional buying pressure to take control of the 56927 resistance on Sunday. Monday’s 2.42% rise secures this price level as a support, opening the door to move towards the 60750 resistance mark. 64000 is the next available target if 60750 is subdued.
On the other hand, only a decline below 53840 can secure a downside move towards 50755. If the selling continues, a continuation of the corrective decline favours a dip towards 44360, with 40800 lining up as an additional downside target.
This post was last modified on %s = human-readable time difference 17:43