MicroStrategy Buys 12K BTC, Price Target Raises To $38,000 Yet?

<p>&nbsp;"I hope so, don't suddenly jump too fast."</p><p><br /></p><p>Many expected the price of the cryptocurrency Bitcoin (BTC) to retest the support zone at $28,000, but institutional investors who are increasingly interested in the digital asset have kept the price above $30,000.</p><p><br /></p><p>Since June 2023, the crypto market has witnessed uncertain movements when the Securities and Exchange Commission (SEC) not only sued Binance and Coinbase but also defined 64 digital assets such as Cardano (ADA), Solana (SOL) including Polygon (MATIC) as securities.</p><p><br /></p><p>However, the situation began to change when BlackRock filed the paperwork for a spot Bitcoin (BTC) ETF as institutional investors became increasingly interested in buying or holding large amounts of the digital asset.</p><p><br /></p><p>Additionally, BTC which also saw a rise when MicroStrategy reportedly bought another 12,333 of those digital assets worth $347 million means that it's time for Wall Street to enter the market.</p><p><br /></p><p><br /></p><p>Plus companies like Fidelity and Ledger are finally running crypto-based platforms, with Fidelity supporting EDX Markets, a crypto exchange designed specifically for brokers and individual investors.</p><p><br /></p><p>While Ledger has just announced the launch of Ledger Enterprise TRADELINK which offers specialized crypto services to meet the needs of institutional investors.</p><p><br /></p><p>Through observation, BTC is currently hovering around the $30,000 level but it is an important support zone for the price to continue its rise up to $38,000 or more.</p><p><br /></p><p>However, traders should be cautious as BTC can also face selling pressure, so it is important to wait until the price bounces back from $30,000 and then hold beyond that to ensure a new uptrend.</p><p><br /></p><p>As of this writing, BTC price has jumped by 1.06% to $30,500 in the last 24 hours with a market cap of $592 billion and is up 2.02% over the last week.</p>