Photo: Coin Telegraph
(Coin Telegraph) - December is proving to be another blockbuster month for Bitcoin as the flow of institutional investors injecting funds into Bitcoin continues to increase.
Business intelligence firm MicroStrategy announced that it had raised $650 million worth of convertible bonds at a rate of 0.75% due in 2025. The company now plans to invest the net proceeds in Bitcoin after identifying its “working capital needs and other general corporate purposes.”
When institutional investors show such a large appetite to buy Bitcoin near the all-time high, it is no surprise that the corrections have been shallow.
BTC/USD
Bitcoin closed below the 20-day exponential moving average ($18,435) on Dec 10 and 11. However, the long tail on the Dec 11 candlestick shows that the bulls purchased the dip instead of panicking and dumping their positions.
BTC/USD daily chart. Source: Trading View
The price rose above the 20-day Exponential Moving Average (EMA) on Dec 12 and this could have trapped some aggressive bears who went short in the past few days expecting a sharp fall. This short covering and buying by the bulls pushed the price above the descending channel today.
The price has again reached the $19,500 to $20,000 overhead resistance zone. If the bulls can thrust the price above this zone, the next leg of the uptrend could begin.
ETH/USD
Ethereum has broken out of the descending channel, which suggests advantage to the bulls. The price can now move up to the $622.807 to $635.456 overhead resistance zone.
ETH/USD daily chart. Source: Trading View
The Relative Strength Index (RSI) has bounced off the midpoint and broken out of the downtrend line, which suggests that bulls have the upper hand.
If the bulls can push the price above the resistance zone, the next leg of the uptrend could begin. Although there could be some pit stops in between, the next target is $800.
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