Michael Saylor, CEO and co-founder of MicroStrategy, revealed an interesting metric on Bitcoin-BTC price. In the context of recent spot bitcoin ETF filings, MicroStrategy gains prominence as it currently holds the status of the largest institutional bitcoin investor in the world.
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BTC’s rare drop below average
On Monday, August 28, 2023, Saylor released BTC price statistics showing that Bitcoin has historically traded below the crucial 200-week moving average. Generally, this position has been associated with an upward wave. Hence, Michael Saylor is pointing out that the cryptocurrency is in a buy zone with upside potential in the current price range. “$BTC rarely trades below its 200-week moving average,” he said in a tweet.
Interestingly, this is one of the rare occasions when the MicroStrategy co-founder has shared technical aspects of Bitcoin, as opposed to the usual statements he makes about the cryptocurrency’s potential.
What could affect the BTC price in the short term?
Previously, from expert commentary, CoinGape reported that the BTC price could likely surge into the $150,000 area if the spot bitcoin ETF is approved. In the first week of September 2023, the US Securities and Exchange Commission (SEC) is expected to release an update on the ETF filings of several financial companies, including companies such as Blackrock.
Meanwhile, MicroStrategy will continue buying Bitcoin, increasing from the current total of 152,800 BTC.
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