MicroStrategy Raises $4.6 Billion in Bitcoin, Buy a Chance?
MicroStrategy (MSTR), the world's largest corporate bitcoin (BTC) holder, has once again garnered a lot of attention from crypto enthusiasts. In the year On November 18, 2024, Michael Saylor, founder and chairman of MSTR, acquired 51,780 BTC worth $4.6 billion in X (formerly Twitter).
Microstrategy's $4.6 billion Bitcoin purchase
This purchase was made when BTC was trading near $88,627. So far, MicroStrategy's BTC holdings have increased by an average of $49,874 to 331,200.
Microstrategy's recent acquisitions may attract whales, investors, and retailers as they have a buying opportunity despite BTC's price.
At the time of publication, BTC is trading near $89,770 and has lost more than 1.10% in the last 24 hours. During the same period, the transaction volume increased by 22 percent.
Bitcoin technical analysis and upcoming level
According to expert technical analysis, BTC has been consolidating in a very 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 a reversal of the rally in the coming days.
Based on the recent price action, the exit from the consolidation zone will determine the direction of BTC in the coming days.
If the asset breaks the upper level of the consolidation zone and closes the daily candle above the $91,870 level, we will see significant upside momentum. Conversely, if BTC breaks the lower border of the consolidation zone and closes the daily candle below $86,000, we will see the price drop to $80,000 or less.
