This week MicroStrategy, a Nasdaq-listed company, announced that it had added 16,796 Bitcoin (BTC) to its existing holding of 21,454 Bitcoin. This means in less than a year the firm has amassed 38,250 Bitcoin. This is a defining moment as MicroStrategy becomes the first public company to adopt a Bitcoin standard.
Other large companies may follow in MicroStrategy’s footsteps but they are likely to purchase at much higher levels according to Datavetaren, a pseudonymous software engineer.
CNBC Mad Money host Jim Cramer also suggested that he might place 1% of his portfolio into Bitcoin as he considers gold ‘dangerous’. During a podcast with Anthony Pompliano, Cramer said that storing gold was dangerous, hence, his desire for Bitcoin.
Daily cryptocurrency market performance. Source: Coin360
In other news, Rich Dad Poor Dad author Robert Kiyosaki said that Bitcoin ranks among the top three long-term investments that everyone should have in their portfolio. Kiyosaki believes that investors will dump these safe haven assets when a coronavirus vaccine is developed but according to him, that could be a great buying opportunity.
Generally, Bitcoin continues to have a bullish outlook in the long-term but what can traders expect in the short-term? Let’s analyze the charts to find out.BTC/USD
Bitcoin broke above the 20-day exponential moving average ($10,759) on Sep. 15 and is now attempting to sustain above the $11,000 resistance. This is encouraging as the further the price moves away from the recent lows at $9,835 the harder it will be for the bears to resume the correction.
BTC/USD daily chart. Source: TradingView
The next two levels where the bears might try to stall the recovery is at the 50-day simple moving average ($11,269) and above it at the downtrend line.
Even if the BTC/USD pair turns down from either of these overhead resistances, the bears will have to slice through several support levels to...