Key Takeaways
MicroStrategy purchased 7,002 Bitcoin (
$110,727.00 ) between Oct. 1 and Nov. 29.
The announcement coincides with a rebound in BTC price.
Still, the flagship cryptocurrency has many hurdles ahead to overcome.
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MicroStrategy continues adding more Bitcoin ( $110,727.00 ) to its holdings after the pioneer cryptocurrency saw its price plummet from a record high of about $69,000 to as low as $54,000.
MicroStrategy Increases Holdings
Michael Saylor’s MicroStrategy has added another 7,002 Bitcoin ( $110,727.00 ) to its already substantial holdings.
In a regulatory filing, the Virginia-based data analytics firm disclosed it bought roughly 7,002 BTC at an average price of $59,187 per token between Oct. 1 and Nov. 29. MicroStrategy allocated approximately $414.4 million to its recent Bitcoin ( $110,727.00 ) purchase. The funds were raised through the sale of 571,000 MSTR shares previously disclosed in June.
To date, the company has acquired 121,044 Bitcoin ( $110,727.00 ) at an average price of $29,534. MicroStrategy has spent $3.6 billion to grow its holdings, becoming the largest corporate holder of BTC in the world.
The announcement comes at a crucial time as the pioneer cryptocurrency is down nearly 18% from an all-time high of about $69,000 set earlier this month. The downward price action has created a state of “fear” among market participants.
Still, MicroStrategy could bring confidence into the crypto markets as it joins El Salvador and SkyBridge Capital in buying the dip.
Bitcoin ( $110,727.00 ) Finds Stable Support
From a technical perspective, it appears that Bitcoin ( $110,727.00 ) found a strong foothold around the 200-twelve-hour moving average at $54,000 and the lower boundary of a parallel channel where prices have been contained since mid-June. Such a significant demand barrier alongside the formation of bullish divergence on the 12-hour chart might have helped BTC partially recover.
As the pioneer cryptocurrency attempts to reclaim $57,000 as support, it must overcome a few hurdles to advance higher. Bitcoin ( $110,727.00 ) would need to break through the 50-twelve-hour moving average at $60,000 to march towards $65,000. Only a 12-hour candlestick close above this resistance level can propel BTC towards a new all-time high at $75,000.
It is worth noting that Bitcoin ( $110,727.00 ) must hold above $54,000 to be able to validate the optimistic outlook. Any signs of weakness around such a critical support level could encourage traders to exit their long positions. If this were to happen, BTC could drop to $51,000 or even $47,000.
Disclosure: At the time of writing, the author of this feature owned BTC and ETH.
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