In a strategic move, MicroStrategy, the business intelligence (BI) company, and its subsidiaries have made a bold financial maneuver by increasing their Bitcoin (BTC) holdings.\u00a0<\/p>\n
According to a recent filing<\/a> with the US Securities and Exchange Commission (SEC), MicroStrategy has expanded its Bitcoin holdings by acquiring an additional 5,445 BTC, totaling approximately $147.3 million. The average purchase price for these Bitcoins was $27,053 per unit.<\/p>\n With this latest acquisition, MicroStrategy\u2019s total Bitcoin holdings now stand at 158,245 BTC. The company has accumulated this substantial amount of digital assets at an average price of around $29,582 per Bitcoin, equivalent to approximately $4.68 billion.<\/p>\n According to the company, these acquisitions underscore MicroStrategy\u2019s commitment to Bitcoin and long-term belief in its potential. The company has been actively accumulating Bitcoin over time, establishing itself as a major participant in the cryptocurrency market.<\/p>\n In contrast, MicroStrategy\u2019s stock, listed as MSTR on the Nasdaq, has followed a prolonged downward trend since July 13th.<\/p>\n As of the latest trading session, the stock is currently priced at $321.25, reflecting a decrease of 0.14% since the stock market\u2019s opening.\u00a0<\/p>\n Notably, the stock\u2019s performance has exhibited a significant correlation with the value of Bitcoin over the same period, as both have experienced declines.<\/p>\n Furthermore, MicroStrategy\u2019s decision to expand its Bitcoin portfolio coincides with a consolidation phase in the cryptocurrency market. Bitcoin has been trading between $25,000 to $27,000 since August 16.<\/p>\n The largest cryptocurrency in the market is valued at $26,200, representing a 1.5% decline over the past 24 hours and a decrease of over 4% over the past seven days.<\/p>\n Renowned crypto analyst Rekt Capital suggests <\/a>that the bearish Bitcoin fractal, previously highlighted by NewsBTC, remains intact, raising whether the cryptocurrency is still in Phase A-B or has transitioned to Phase B-C, as seen in the chart below.<\/p>\n According to Rekt Capita, Bitcoin typically forms a new lower high in Phase A-B, and recent price movements, whether reaching around $29,000 or as low as $27,400, satisfy this criterion.\u00a0<\/p>\n However, a more pronounced lower high is possible if the support level of $25,000 to $26,000 is broken and the Bull Market Support Band becomes resistant.<\/p>\n For Phase B-C to commence, two conditions need to be met. Firstly, a relief rally must occur, confirming a new lower high. Secondly, the $25,000 to $26,000 support area must be lost.\u00a0<\/p>\n Although a relief rally forming a new lower high has been witnessed recently, the second condition remains unfulfilled. Phase B-C will be initiated if the $25,000 to $26,000 support area fails.<\/p>\n Several key technical events are anticipated. During the downward movement, Bitcoin may briefly touch the $25,000 to $26,000 area. If the price struggles to surpass $26,000 and acts as resistance, it could indicate weakening support in the $25,000 to $26,000 range.\u00a0<\/p>\n In such a case, a collapse to the $22,000 to $24,000 region might occur to establish a local bottom denoted as \u201cC.\u201d<\/p>\n To invalidate the bearish Bitcoin fractal, three criteria need to be met. Firstly, the Bull Market Support Band must be held as support. Secondly, a weekly close above the lower high resistance is required.\u00a0Finally, breaching the yearly high of $31,000 would further challenge the bearish scenario.<\/p>\n Featured image from Shutterstock, chart from TradingView.com\u00a0<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n In a strategic move, MicroStrategy, the business intelligence (BI) company, and its subsidiaries have made a bold financial maneuver by increasing their Bitcoin (BTC) holdings.\u00a0<\/p>\nBitcoin Bearish Fractal Holds Strong<\/h2>\n
MicroStrategy Bolsters BTC Holdings<\/h2>\n