Bitcoin

<ul> 
 <li>The Bitcoin price is up 2.57% in the last 24 hours as per data from CMC.</li> 
 <li>MicroStrategy has revealed that the company holds 152,800 Bitcoins.</li> 
</ul> 
Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, has experienced a slight recovery after reaching a weekly low of $28,657 on August 1. The trading price of BTC has crossed the $29K mark and is showing significant bullish momentum. After several days of trading in consolidation, Bitcoin is back in action with a positive price surge. 
Yesterday, Bitcoin experienced a downtrend that resulted in a drop below the $29K mark. However, the <a href="https://thenewscrypto.com/bitcoin-btc-price-faces-selling-pressure-whats-next/" target="_blank" rel="noopener noreferrer nofollow">price drop</a> came to a halt after an announcement from MicroStrategy. The company plans to sell up to $750 million in stock to fund Bitcoin purchases. Following the announcement, the trading price of Bitcoin has shown an increase of over 2.57% in the last 24 hours. 
Furthermore, MicroStrategy has revealed that the company held 152,800 Bitcoins and added 12,333 in the second quarter of 2023. This is the largest single-quarter increase since the Q2 of 2021. 
<h3 class="wp-block-heading" id="h-bitcoin-btc-price-analysis-24-hour-timeframe">Bitcoin (BTC) Price Analysis: 24-Hour Timeframe</h3> 
At the time of writing, the trading price of Bitcoin is $29,632, with an increase of 2.57% in the last 24 hours. The daily trading volume of BTC has experienced a surge of 53.65%, according to CoinMarketCap. The trading price is inching closer to the $30K level, and the community is expecting BTC to breach the $30 mark soon.&nbsp; 
<figure class="wp-block-image size-large"> 
 <img decoding="async" width="1024" height="608" src="https://thenewscrypto.com/wp-content/uploads/2023/08/BTCUSD_2023-08-02_11-39-48-1024x608.png" alt="" class="wp-image-79982" srcset="https://thenewscrypto.com/wp-content/uploads/2023/08/BTCUSD_2023-08-02_11-39-48-1024x608.png 1024w, https://thenewscrypto.com/wp-content/uploads/2023/08/BTCUSD_2023-08-02_11-39-48-300x178.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/08/BTCUSD_2023-08-02_11-39-48-768x456.png 768w, https://thenewscrypto.com/wp-content/uploads/2023/08/BTCUSD_2023-08-02_11-39-48-638x380.png 638w, https://thenewscrypto.com/wp-content/uploads/2023/08/BTCUSD_2023-08-02_11-39-48-150x89.png 150w, https://thenewscrypto.com/wp-content/uploads/2023/08/BTCUSD_2023-08-02_11-39-48.png 1214w" sizes="(max-width: 1024px) 100vw, 1024px"> 
 <figcaption class="wp-element-caption">
 Bitcoin Trading Price Chart (Source: TradingView) 
 </figcaption> 
</figure> 
The daily trading price chart shows that the BTC is returning to bullish momentum as the current price is trading above the 50-day exponential moving average (50 EMA). Moreover, according to the RSI indicator, BTC is neutral and inching closer to the overbought zone.&nbsp; 
According to the data, if Bitcoin continues its bullish momentum, it will reach the nearest resistance of $30,000. If the trend continues, the price will break through $30,380 and even advance to surpass $31,000. On the other hand, <a href="https://thenewscrypto.com/bitcoin-whales-move-btc-to-binance-dump-incoming/" target="_blank" rel="noopener noreferrer nofollow">another drop</a> may begin if BTC fails to break the $30,000 resistance level. Moreover, it can go all the way below the support level at $28,410, and if the downtrend continues, BTC may trade below the $28K mark.

Bitcoin (BTC) is Inching Closer to $30K, What’s Next?

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