As the cryptocurrency market shows signs of recovery, MicroStrategy, the largest corporate Bitcoin (BTC) holder made a big move by purchasing 7,420 BTC worth $458.2 million. It took six days to accumulate this substantial BTC at an average price of $61,750, according to the on-chain analytics firm Lookonchain.
In addition to this recent accumulation, MicroStrategy purchased a massive 18,300 BTC worth $1.11 billion at an average price of $60,408 between August 6, and September 12, 2024, as reported by CoinPedia.
This significant accumulation of BTC over a short period suggests that a massive upside rally may be imminent.
Bitcoin Price Momentum
Currently, the overall market sentiment has shifted, and Bitcoin the world’s biggest cryptocurrency has experienced an impressive price surge of over 9% over the past 7 days.
At press time, BTC is trading near $62,860 and has remained stable over the last 24 hours. During this period, its trading volume has dropped by 21%, indicating lower participation from traders and investors amid ongoing price reversal.
Bitcoin Technical Analysis and Upcoming Levels
According to expert technical analysis, BTC appears bullish and is now heading toward the $65,000 level. Additionally, it is trading above the 200 Exponential Moving Average (EMA) which hints it is in an uptrend. The 200 EMA is a technical indicator used by traders and investors to determine whether an asset is in an uptrend or downtrend.
Based on the historical price momentum, if BTC reaches the strong resistance level of $65,000, we may see a price reversal. However, if it breaks through that resistance, there is a strong possibility it could rise to $68,000 in the coming days.
Also Check Out: MicroStrategy Raises $1.01 Billion in Convertible Notes to Boost Bitcoin Holdings
