Bitcoin targets $84,000 as Strive adds 3,311 BTC to treasury
- Bitcoin broadly consolidates above the $80,000 demand area, with $84,000 supply capping upside.
- Strive has acquired an additional 3,331 BTC at $84,500, bringing its total holdings to 32,773 BTC.
- Bitcoin shows signs of stability ahead of the US CPI report on Wednesday.
Strive (ASST) announced on Tuesday that it purchased an additional 3,311 Bitcoin (BTC), bringing its digital treasury balance to 32,773 BTC. The development comes amid heightened volatility in the broader cryptocurrency market ahead of the United States (US) Consumer Price Index (CPI) report on Wednesday.
Bitcoin holds a neutral-to-bullish bias, with support at the lower range limit near $80,000 and resistance at $84,000. Gains above $84,000 would increase the odds of an extended recovery, eyeing a medium-term breakout above the $88,000 supply zone. Still, a breach of support at $80,000 may trigger strong headwinds, forcing investors to rethink their strategies and risk exposure.
Strive buys 3,311 BTC amid Bitcoin consolidation
Strive’s Bitcoin treasury has increased to 32,773 BTC after the company purchased 3,311 BTC, valued at $280 million at a cost basis of $84,500, including fees and expenses.
The company is currently the 4th-largest corporate Bitcoin holder. Strategy (MSTR) is the largest corporate holder with 848,250 BTC, according to SoSoValue.
Bitcoin is extending its broad sideways trading ahead of the US CPI release on Wednesday. CPI is a key inflation gauge that Federal Reserve (Fed) officials use to shape monetary policy in the world’s largest economy. A softer-than-expected reading would favor risk assets and raise the odds that the Fed holds interest rates unchanged in the 3.75-4.00% range. CME Group’s FedWatch tool shows traders are pricing in nearly 81% odds that the central bank leaves rates unchanged at its October meeting.
Crypto Finance said in an emailed analysis report that “CPI remains the key data release. Markets will also closely monitor comments from Kevin Warsh for further clues on the Fed's stance and the likely tone of the next two Fed meetings.”
Technical analysis: Bitcoin holds key support zone
Bitcoin edges higher above $83,000 as bulls aim to reclaim the $84,000 supply level against a backdrop of a correction near $80,000. The Crypto King remains above the 50-day, 100-day and 200-day Exponential Moving Averages (EMAs) at $80,250, $76,507 and $75,604, respectively.
The stacked EMA configuration hints at an underlying uptrend despite a consolidative tone, while the Parabolic SAR at $86,028 sits overhead as the next dynamic resistance. Momentum is mixed, with the Relative Strength Index (RSI) near 52 suggesting modest bullish pressure.
Meanwhile, the Moving Average Convergence Divergence (MACD) stays below zero, with its negative reading reinforcing that upside progress is gradual rather than impulsive.
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On the downside, immediate support aligns with the short-term 50-day EMA around $80,250, followed by the 100-day EMA near $76,507 and the 200-day EMA at $75,604, which together form a broader demand zone underpinning the trend. On the topside, the Parabolic SAR at $86,027 marks the first notable resistance. A daily close above this level would reopen the path toward fresh highs, while failure to clear it keeps BTC in a range, anchored by the clustered EMA supports beneath current price.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Crypto ETF FAQs
An Exchange-Traded Fund (ETF) is an investment vehicle or an index that tracks the price of an underlying asset. ETFs can not only track a single asset, but a group of assets and sectors. For example, a Bitcoin ETF tracks Bitcoin’s price. ETF is a tool used by investors to gain exposure to a certain asset.
Yes. The first Bitcoin futures ETF in the US was approved by the US Securities & Exchange Commission in October 2021. A total of seven Bitcoin futures ETFs have been approved, with more than 20 still waiting for the regulator’s permission. The SEC says that the cryptocurrency industry is new and subject to manipulation, which is why it has been delaying crypto-related futures ETFs for the last few years.
Yes. The SEC approved in January 2024 the listing and trading of several Bitcoin spot Exchange-Traded Funds, opening the door to institutional capital and mainstream investors to trade the main crypto currency. The decision was hailed by the industry as a game changer.
The main advantage of crypto ETFs is the possibility of gaining exposure to a cryptocurrency without ownership, reducing the risk and cost of holding the asset. Other pros are a lower learning curve and higher security for investors since ETFs take charge of securing the underlying asset holdings. As for the main drawbacks, the main one is that as an investor you can’t have direct ownership of the asset, or, as they say in crypto, “not your keys, not your coins.” Other disadvantages are higher costs associated with holding crypto since ETFs charge fees for active management. Finally, even though investing in ETFs reduces the risk of holding an asset, price swings in the underlying cryptocurrency are likely to be reflected in the investment vehicle too.
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Past performance is not a reliable indicator of future performance and/or results. Forward-looking scenarios or forecasts are not a guarantee of future performance. Actual results may differ materially from those anticipated.
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