Bitcoin Eyes Next Leg Up as Technical Setup Turns Positive
Bitcoin's technical setup is positive as it heads into September, according to prominent crypto trader DonAlt. He said 'Looks like we're gonna get another leg up soon' on X on August 31.
The largest cryptocurrency has seen a strong recovery in the third quarter and recently held key support despite a sharp intraday sell-off after Federal Reserve governor Kevin Warsh took a more hawkish tone.
Strategy, the Michael Saylor-led business intelligence company that holds Bitcoin as its centerpiece of treasury strategy, purchased another 4,603 BTC for approximately $369.7 million between August 24 and 30 at an average price of $80,318.
The acquisition indicates Strategy continued buying even as Bitcoin experienced volatility near the end of the month. Whale activity has also remained elevated with a recent transfer of 1,922 BTC worth approximately $149.7 million between two unidentified wallets on August 31.