Bitcoin

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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/microstrategy-buys-12000-bitcoins-sp-500-and-dxy-analysis/" data-wpel-link="internal">MicroStrategy Buys 12,000 Bitcoins; S&amp;P 500 and DXY Analysis</a><br></p>
<p class="p1" style="text-align: justify">MicroStrategy’s founder and Chairman of the Board <strong>Michael Saylor</strong> announced in a recent post that the firm has purchased 12,000 <a href="https://coin-turk.com/bitcoin-btc-uzerindeki-baskilari-yenerek-yukselise-gecebilecek-mi" data-wpel-link="internal">Bitcoin</a> at an average price of $68,477 using the proceeds from a recently completed $800 million convertible bond offering. Following this acquisition, MicroStrategy’s <a href="https://en.coin-turk.com/significant-bitcoin-transfer-from-grayscale-trust-to-coinbase-prime/" data-wpel-link="internal">Bitcoin</a> holdings have reached 205,000 Bitcoins, which were acquired at an average price of $33,706 per Bitcoin.</p> 
<h2 class="p1" style="text-align: justify" id="sp-500-chart-analysis">S&amp;P 500 Chart Analysis</h2> 
<p class="p1" style="text-align: justify"><strong>S&amp;P 500</strong> Index has been rising within an ascending channel formation for several days. The price’s reversal from the channel’s resistance line on March 8 indicates that bears are defending the level. Although upward-sloping moving averages suggest an advantage for buyers, a negative divergence in the Relative Strength Index (RSI) warns of a potential correction or consolidation in the near term. If bears pull the price below the channel, selling may intensify, and the index could fall to the 50-day simple moving average at 4,930.</p> 
<p class="p1" style="text-align: justify">Conversely, if the price rebounds from the current level or the channel’s support line, it would indicate that sentiment remains positive and investors are buying on every dip. Bulls will need to push the price above the channel to initiate a sharp rally towards 5,350.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-325912 size-full" src="https://coin-turk.com/wp-content/uploads/2024/03/spx-grafik.webp" alt="" width="1315" height="805"></p> 
<h2 class="p1" style="text-align: justify" id="dxy-chart-analysis">DXY Chart Analysis</h2> 
<p class="p1" style="text-align: justify">The US Dollar Index <strong>(DXY)</strong> fell below the 20-day EMA average of 103 on March 1, and bears successfully defended this level during bulls’ attempts to push the price above it. The inability to rise above the 20-day EMA accelerated selling on March 6.</p> 
<p class="p1" style="text-align: justify">Sellers pulled the price below the 50-day SMA average of 103 and below the neckline of an inverse head and shoulders pattern on March 7. Moving averages are on the verge of a bearish crossover, and the RSI is near the oversold zone, indicating that bears have the upper hand. The index could fall to 102 and eventually to 101. Any recovery attempt will likely face selling at the 20-day EMA. A break above the 20-day EMA could be the first sign of easing selling pressure. The index could then rise to 105.</p> 
<p><img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-325911 size-full" src="https://coin-turk.com/wp-content/uploads/2024/03/dxy-.webp" alt="" width="1315" height="805"></p> 
<h2 class="p1" style="text-align: justify" id="bitcoin-chart-analysis">Bitcoin Chart Analysis</h2> 
<p class="p1" style="text-align: justify">Bitcoin struggled to break above $70,000 over the weekend but managed to surpass this level on March 11, indicating strong demand from bulls. Rising moving averages and an RSI in the overbought zone suggest buyers are in control. The <strong><a href="https://coin-turk.com/once-yukseldi-sonra-cakildi-btc-neden-dusuyor-bitcoin-btc-gelecegi" data-wpel-link="internal">BTC</a>/<a href="https://coin-turk.com/kripto-paralarda-kirmizi-alarm-35-milyar-dolarlik-cikis" data-wpel-link="internal">USDT</a></strong> pair could reach $76,000 and then $80,000. This region is likely to present strong resistance to the bulls.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-325906 size-full" src="https://coin-turk.com/wp-content/uploads/2024/03/btc-grafik-2.webp" alt="" width="1315" height="805"></p> 
<p class="p1" style="text-align: justify">It is difficult to pinpoint a peak in an asset when it is supported by strong momentum. The first sign of weakness would be a break and close below the 20-day EMA average of $62,443. This could indicate profit booking by bulls and trigger a deeper pullback.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/microstrategy-buys-12000-bitcoins-sp-500-and-dxy-analysis/" data-wpel-link="internal">MicroStrategy Buys 12,000 Bitcoins; S&amp;P 500 and DXY Analysis</a></h5>

MicroStrategy Buys 12,000 Bitcoins; S&P 500 and DXY Analysis

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