HomeCrypto NewsBitcoin on May 16 – BTC soars and approaches $70,000 (+6%)

Bitcoin on May 16 – BTC soars and approaches $70,000 (+6%)

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A radical change – Salim Ramji Appointed as Chief Executive Officer of Global Investment Giant The Vanguard Group. At BlackRock, Salim Ramji was instrumental in the success of spot Bitcoin ETFs. Historically, Vanguard has not been a strong supporter of cryptocurrencies, but that could change. Furthermore, investment products linked to cryptocurrencies have once again recorded inflows. Have buyers regained control of the price? Here is today’s newsletter!

Bitcoin price goes back above $65,000

Yesterday, theAmerican inflation did not reserve any unpleasant surprises for operators, and this allowed the market toevolve upwards. The price of Bitcoin took the opportunity to go back beyond the $65,000and for close to $67,000. The price shows an increase of 6% in 24 hours and almost 7% over one week :

Bitcoin price rises 6% in 24 hours - May 16, 2024.
Bitcoin performance against different pairs. Source : Coincheckup

BTC shows green for six months. In one month, the course is now in increase of 5%. For its part, the BTC/ETH pair climbs 2.7% in 24 hours and of 6.5% in one week. Capital is still heading towards the king of cryptocurrencies.

Microstrategy devours bitcoins

At the start of the year, the price of Bitcoin benefited from speculation around ETFs Bitcoin spot for explode upward. However, several months after the SEC’s validation, thecraze has died down. And even during periods of uncertainty, there is one company that does not doubt the king of cryptocurrencies: MicroStrategy. Remember that the company led by Michael Saylor has set up a DCA strategy since August 2020.

MicroStrategy owns as much as 1% of the circulating supply of BTC – May 16, 2024.MicroStrategy owns as much as 1% of the circulating supply of BTC – May 16, 2024.
Evolution of the quantity of BTC held by MicroStrategy. Source: Ecoinometrics

Come rain or shine, MicroStrategy has continued to accumulate BTC to finally hold approximately 1% of circulating supply. This represents more than 214,000 BTC. Only two ETFs, Grayscale (GBTC) and BlackRock (IBIT), own more BTC than Michael Saylor’s company.

Bitcoin price approaches resistance at $67,000

Thanks to the nice bounce on the support at $61,500the price of BTC has broke resistance at $64,500. This resistance had held the price for several weeks, and the next resistance is located around the $67,000 :

Bitcoin price approaches resistance at $67,000 – May 16, 2024. Bitcoin price approaches resistance at $67,000 – May 16, 2024.
Bitcoin price against the dollar (4H)

To find a dynamic with rising lows and highs on the other side of the trendline, it is necessary break resistance at $67,000. To do this, it would be necessary to achieve closure beyond the last peak marked around $67,240. In this case, the price could find the $70,000. On the other hand, if the resistance rejects coursea return to the support at $64,500 is possible. With the fence beyond 66the RSI is clearly bullish. THE buyers have their hands on momentum.

Is the strategy implemented by the company MicroStrategy completely crazy or very intelligent? The Michael Saylor-led company owns about 1% of the circulating supply of BTC, and the accumulation may not stop there. Yesterday’s rebound brought color back to the company’s portfolio. If BTC manages to get rid of the resistance at $67,000, the king of cryptocurrencies could return to the famous $70,000. And some metrics indicate that BTC could even touch $150,000 during this cycle.

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