Blockchain Strategy Ends Bitcoin Buying Program After One Week
Blockchain Strategy recently terminated its Bitcoin buying program after just one week.
The program, which restarted on September 1, was cut short due to unfavorable market conditions. According to on-chain records, this is when the strategy decided to end the Bitcoin acquisitions.
Looking at the price action of BTC on the 4h chart, it's clear that the cryptocurrency has been trading within the Bollinger band with an upper resistance level at $80,573.77.
The EMA50 at $78,976.91 is acting as a ceiling for the upside momentum, while the EMA200 at $73,832.16 provides distant support. The MACD indicator confirms this bearish trend with a reading of -221.46, and the RSI of 38.46 indicates that there's still room for further downside before any potential rebound.
As a result, it appears likely that BTC will test the lower band near $78,282.37 in the near future.