Michael Saylor Shares 'Rare' Bitcoin Stat; Is It A Buy Opportunity?

Also Read: MATIC Price Launches Bid for $1.2 With This Massive Protocol Upgrade

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BTC’s Rare Flip Below Average

On Monday, August 28, 2023, Saylor shared a statistic on BTC price that shows Bitcoin historically trading below the crucial 200 Week Moving Average. Generally, this position has been associated with a bullish wave. Hence, Michael Saylor is indicating that in the current price range, the cryptocurrency is trading at a buy zone, with a potential for upside. “Rarely does $BTC trade below its 200 Week Moving Average,” he said in a tweet.

michael-saylor-bitcoin

Interestingly, this is one of those rare occasions when the MicroStrategy co-founder shared technical aspects of Bitcoin, unlike the usual statements he makes on the potential of the cryptocurrency.

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What Could Impact BTC Price In Near Term

Earlier, CoinGape reported expert comments that the BTC price could likely rally all the way to the $150,000 range if the spot Bitcoin ETF gets approved. In the first week of September 2023, the U.S. Securities and Exchange Commission (SEC) is scheduled to give an update on the ETF filings by several financial companies, including the likes of Blackrock.

Meanwhile, MicroStrategy is set to continue its purchasing of Bitcoin, growing from 152,800 BTC in total currently.

Also Read: US SEC Charges Impact Theory Over Unregistered NFT Offerings

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