MicroStrategy Posts Q1 Profit, Reaffirms Commitment to Bitcoin Investment Strategy
MicroStrategy, a business intelligence platform, has reported a profit of $94 million in the first quarter of 2023, marking its first quarterly...
ANALYSIS. The bitcoin price has shown strength in the last 24 hours. Today, the price of a bitcoin rose to over $5,500 for the first time in five months. Dennis Sahlström, technical analyst, analyzes what this can mean for the price going forward.
Bitcoin pushed through the resistance around $5,350 and is currently trading around $5,570. The question many ask themselves is, of course, what this means.
I think the price will rise to around $6,000 where a strong resistance rests and that we will see a decline from that area.
Another option is that we see a decline from the top of the “supply/demand” area (the green area in the picture below), and it looks like the sellers actually came back just at the top of the zone.
In future updates, I will be analyzing from a longterm perspective.
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