The firm Strategy, previously known as MicroStrategy and led by Michael Saylor, has announced the purchase of an additional 245 bitcoins amid increasing instability in the cryptocurrency market.
New Acquisition by Strategy
Strategy has acquired 245 BTC for approximately $26 million at a price of $105,856 per coin. This brings the company's total holdings to 592,345 BTC, purchased for about $41.87 billion, with an average cost of nearly $70,681 per bitcoin.
Bitcoin Market Before Stock Market Opening
Currently, with Bitcoin hovering near the critical $100,000 mark ahead of the U.S. stock market opening, analysts are anticipating potential volatility. TradingView data shows a bullish reversal forming on the 4-hour chart, but there is concern that failing to hold the $100,000 level could lead to a sharp decline.
Bitcoin's Outlook and Market Volatility
Recent events, such as the U.S. attack on Iran, have caused unusual dumps in the market, exacerbating the current bearish trend. Additionally, investors are starting to express concern over the possibility of Bitcoin dropping below $95,000 in the coming months.
The acquisition of Bitcoins by Strategy underscores investor confidence in the future of the cryptocurrency market, yet the prevailing market conditions remain uncertain, which could impact Bitcoin's price in the short term.
