MicroStrategy Snaps Up 1,045 Bitcoin Amidst Market Madness! Here’s How BTC Price Is Going To React Next?

The post MicroStrategy Snaps Up 1,045 Bitcoin Amidst Market Madness! Here’s How BTC Price Is Going To React Next? appeared first on Coinpedia Fintech News

For the past few days, the crypto market has gained noticeable spotlight among investors as the largest cryptocurrency by market cap, Bitcoin, continues to make massive surges. Bitcoin’s impressive gains have not only attracted individual investors but also institutional investors who are looking to capitalize on its growth potential, and one such institutional investor is MicroStrategy. In a recent post, MicroStrategy revealed that it has acquired another 1,045 Bitcoin as the asset breaks crucial price levels.

MicroStrategy Now Holds 140K Bitcoin

On April 5, Michael Saylor, the executive chairman of the American business intelligence firm MicroStrategy, took to Twitter to announce the company’s latest move. MicroStrategy has acquired an additional 1,045 Bitcoin for around $29.3 million, with an average price of $28,016 per BTC. This news marks yet another strategic move by the company in the cryptocurrency space.

As of April 5th, 2023, MicroStrategy has reached a significant milestone by holding a total of 140,000 Bitcoin, which were acquired at an average price of $29,803 per BTC for approximately $4.17 billion. The company’s unwavering commitment to investing in Bitcoin as a reserve asset is evident in this latest news.

Since making its first Bitcoin purchase in August 2020, MicroStrategy has been steadily increasing its holdings. The recent acquisition of 1,045 Bitcoin for $29.3 million brings the total amount owned by the company to over $12.6 billion. This significant accumulation of Bitcoin highlights MicroStrategy’s unwavering confidence in the cryptocurrency’s long-term potential.

Bitcoin Price Heads Toward $30K

The price of Bitcoin showed strong support above the $27,500 zone, forming a solid base before embarking on a fresh uptrend above the critical $28,000 resistance level.

BTC made a clear breakthrough above the resistance levels at $28,300 and $28,500. However, despite the bullish momentum, the price struggled to surpass the significant $28,770 resistance zone.

As of writing, BTC price trades at $28.4K, gaining over 0.3% in the last 24 hours. If BTC price successfully breaks the hurdle above 38.6% Fib level at $29K, it may pave its smooth road above $30K. The ascending pattern in the RSI trend line shows that BTC price will likely surpass the $30K price level this week.

In case the resistance at $28,800 proves too strong for Bitcoin’s current uptrend, the cryptocurrency may face another drop in value. The immediate support to watch for on the downside is at the $28,200 level, which coincides with a significant trend line.