MicroStrategy Boosts Bitcoin Holdings
MicroStrategy, a business intelligence company, and its subsidiaries have taken a strategic step by increasing their Bitcoin (BTC) holdings. According to a recent filing with the US Securities and Exchange Commission (SEC), MicroStrategy acquired an additional 5,445 BTC, worth around $147.3 million. The average purchase price was $27,053 per unit.
Total Bitcoin Holdings
With this latest acquisition, MicroStrategy now holds a total of 158,245 BTC. The company has accumulated these digital assets at an average price of approximately $29,582 per Bitcoin, equivalent to around $4.68 billion.
Commitment to Bitcoin
MicroStrategy’s continued acquisitions demonstrate its commitment to Bitcoin and belief in its long-term potential. The company has become a significant participant in the cryptocurrency market by actively accumulating Bitcoin over time.
Possible Lower High
If the support level of $25,000 to $26,000 is broken and the Bull Market Support Band becomes resistant, there is a possibility of a more pronounced lower high in Bitcoin’s price.
Conditions for Phase B-C
For Phase B-C to begin, two conditions must be met: a relief rally confirming a new lower high and the loss of the $25,000 to $26,000 support area.
Awaiting Technical Events
Several key technical events are expected. Bitcoin may briefly touch the $25,000 to $26,000 area during its downward movement. If the price struggles to surpass $26,000 and acts as resistance, it could indicate weakening support in that range. A collapse to the $22,000 to $24,000 region might occur in such a case to establish a local bottom.
Invalidation of Bearish Fractal
To invalidate the bearish Bitcoin fractal, three criteria must be met: holding the Bull Market Support Band as support, a weekly close above the lower high resistance, and surpassing the yearly high of $31,000.
Hot Take: MicroStrategy Continues to Strengthen its Bitcoin Holdings
MicroStrategy’s recent increase in Bitcoin holdings showcases its strong belief in the cryptocurrency’s potential. With a total of 158,245 BTC valued at around $4.68 billion, MicroStrategy has become a major player in the crypto market. While there is a possibility of a lower high in Bitcoin’s price, the company remains committed to its long-term investment strategy. The upcoming technical events will provide further insights into the market’s direction. Overall, MicroStrategy’s continued accumulation of Bitcoin highlights its confidence in the future of digital assets.
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