MicroStrategy Scoops Up $4.6 Billion of Bitcoin, Buy Opportunity?
MicroStrategy (MSTR), the world’s largest corporate Bitcoin (BTC) holder, is once again attracting significant attention from cryptocurrency enthusiasts. On November 18, 2024, MSTR founder and chairman Michael Saylor posted on X (formerly Twitter) that the company had acquired 51,780 BTC worth $4.6 billion.
MicroStrategy buys Bitcoin for $4.6 billion
The acquisition occurred when BTC was trading at nearly $88,627. As of now, microstrategic BTC holdings increased to 331,200, with an average price of $49,874.
MicroStrategy’s recent acquisitions may appeal to whales, investors, and retailers as they offer potential buying opportunities despite the price of BTC.
As of press time, BTC is trading close to $89,770, with prices down more than 1.10% in the past 24 hours. During the same period, its trading volume increased by 22%, indicating increased trader and investor engagement despite price consolidation.
Bitcoin technical analysis and upcoming levels
According to expert technical analysis, BTC has been consolidating within a tight range between $86,000 and $91,870 for the past six days. However, technical indicators such as the 200 Exponential Moving Average (EMA) and the Relative Strength Index (RSI) suggest that an upward rebound is likely in the coming days.
Based on recent price action, a breakout of the consolidation area will determine Bitcoin’s direction in the coming days.
If the asset breaks the upper limits of the consolidation zone and closes above $91,870, we could see significant upward momentum. Conversely, if BTC breaks the lower bound of the consolidation area and closes below $86,000, we could see the price drop to $80,000 or even lower.
