The price of Bitcoin edged up slightly in the past 24 hours, despite a decrease in trading volumes. This comes after MicroStrategy announced a $458 million BTC purchase.
Bitcoin Continues to Rise
The price of Bitcoin rose to $62,916, even as trading volume dropped by 9% to $34 billion. The positive trend is supported by the formation of a 'cup and handle' pattern and the $58,000 support level. BTC is now trading above both the 50-day and 200-day simple moving averages (SMAs), indicating a sustained bullish trend.
Major MicroStrategy Purchase
MicroStrategy announced the purchase of 7,420 BTC worth $458 million. Following this acquisition, the company's total holdings are 252,220 BTC, acquired at an average price of $39,266 each. CEO Michael Saylor shared this information on Twitter. Saylor's quote: 'CITE_W_A': 'MicroStrategy has acquired 7,420 BTC for ~$458.2 million at ~$61,750 per bitcoin. As of 9/19/2024, we hold 252,220 BTC acquired for ~$9.9 billion at ~$39,266 per bitcoin. [@saylor]'
Will the Uptrend Continue?
The Relative Strength Index (RSI) climbed above the 60-mark and is heading towards the 70-overbought region, indicating intense buying pressure. The positive trend is also supported by the MACD indicator climbing above the neutral zone. If the trend continues, Bitcoin's price could reach $67,000. However, if bears take control, the BTC price could drop to the 200-day SMA, currently at $59,229.
Bitcoin's uptrend continues, fueled by MicroStrategy's announcement and positive technical indicators. However, corrections may occur if bears take advantage of the situation.
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