July 12 Cryptocurrency Market Update

작성자: Trip Partner 7월 12, 2021

Date: Jul. 12, 2021, 05:05 PM KST

[Bitcoin Decline]

Bitcoin is fluctuating around 40 million won. According to CoinMarketCap on the 12th, Bitcoin recorded 39.15 million won, up 1.49% from the previous day. The cryptocurrency market overall rose slightly.

Founder of LookIntoBitcoin Philip Swift predicted on the 9th (local time) that Bitcoin has rebounded out of the green zone for the fifth time in history and that the price will rise soon.

Moskovski Capital CIO Lex Moskovski said the Bitcoin price model is 59% below the target according to the stock-to-flow (S2F) model, making it a “great buying opportunity” for investors.

Financial services company Capital International invested more than half a billion dollars into business intelligence firm MicroStrategy stock.

In MicroStrategy’s filings to the U.S. Securities and Exchange Commission (SEC) for the second quarter of 2021, the firm disclosed Capital International Investors has purchased 953,242 shares of its stock. Following the release of the SEC filing, MicroStrategy’s stock price rose by more than 1.5% to reach $628.44 at the time of publication, making Capital International’s shares worth roughly $600 million.

In addition, Lincoln Avenue Capital tweeted on the 9th, “Lincoln Avenue Capital has acquired 1,000 Bitcoin at an average price of $33,525. The purchase represents 5% of the firm’s AUM as of July 10, 2021. The company may invest up to 20% of total AUM in the asset class in the future, per its investment mandate.”

The Israel Investment Fund Group (IIFG) also announced on Twitter on the same day, “As part of Portfolio’s diversification policy, we have invested 2.3 billion in Bitcoin. It is part of a global strategy to lead Israel to the future of the currency.”

[Expert Opinion]

Regarding the Bitcoin price outlook, cryptocurrency analyst Rakesh Upadhyay said on CoinTelegraph, “Bitcoin has been trading in a tight range between $31,000 and $36,670 for the past few days, which suggests that traders are undecided about the next directional move. Usually, the breakout from a tight range results in a sharp move. Both moving averages are gradually flattening out and the relative strength index (RSI) has been trading close to the midpoint, which suggests a balance between supply and demand. If bulls push the price above $36,670, it will be the first sign of strength.

The BTC/USDT pair could then rally to $41,330 and then to $42,451.67 where the bears are likely to mount a stiff resistance. A breakout of this resistance will indicate the possible start of a new uptrend.

On the other hand, if the price turns down from the current level or the overhead resistance at $36,670, the bears will try to pull the pair down to $31,000 and then to $28,000. A break below this support zone will increase the possibility of the resumption of the downtrend.”

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