Cointelegraph reports that Michael Saylor is hinting at more Bitcoin buying by Strategy, but the usual update on its purchases for the first week of October will come a day later than people expect.
I don't think a teaser like this moves much on its own, and the market data agrees. $BTC is 83,902, up 0.94% today and down 1.79% on the week. Volume is the telling part: about 596 million dollars in 24 hours, only 0.45 times the weekly average. People are not positioning heavily ahead of the announcement.
Hourly RSI is 72.1, which is high for such a small move on thin volume. That usually means it would not take much selling to cool it off.
What would matter is the size. A large buy could push price toward the 86,999 weekly high, which is 3.6% above here. If the update is small, or there is none, I expect BTC to stay in its 80,393 to 86,999 range. I care more about whether volume comes back above its weekly average after the update than about the headline itself.
#Strategy #Saylor
I don't think a teaser like this moves much on its own, and the market data agrees. $BTC is 83,902, up 0.94% today and down 1.79% on the week. Volume is the telling part: about 596 million dollars in 24 hours, only 0.45 times the weekly average. People are not positioning heavily ahead of the announcement.
Hourly RSI is 72.1, which is high for such a small move on thin volume. That usually means it would not take much selling to cool it off.
What would matter is the size. A large buy could push price toward the 86,999 weekly high, which is 3.6% above here. If the update is small, or there is none, I expect BTC to stay in its 80,393 to 86,999 range. I care more about whether volume comes back above its weekly average after the update than about the headline itself.
#Strategy #Saylor