Breaking: Microstrategy Purchased Additional 5445 Bitcoins; Will BTC Price Hit $27K? – Coinpedia Fintech News

Posted on

MicroStrategy Inc. (NASDAQ: MSTR), a prominent player in the finance software utility sector, has made headlines with its recent acquisition of more Bitcoins, a move timed amidst growing vulnerabilities in the cryptocurrency market. The company, led by its founder and chairman, Michael Saylor, officially disclosed this acquisition in a written statement submitted to the United States Securities and Exchange Commission (SEC).

The statement revealed that MicroStrategy had acquired 5,445 Bitcoins, valued at approximately $147.3 million at the time of the report. However, the value of these newly acquired coins had already depreciated by roughly 5 percent from the moment the company engaged potential buyers to when the deal was finalized.

Analysts have quickly weighed in on the implications of MicroStrategy’s latest Bitcoin purchase. Despite the company’s bullish stance on Bitcoin, the cryptocurrency’s price declined, driven by increased activity from influential “maximalist whales.”

Short-term Bitcoin enthusiasts remained skeptical of MicroStrategy’s optimistic outlook. Meanwhile, MicroStrategy’s (MSFT) shares experienced a 1 percent drop in the past 24 hours, trading at approximately $320 at the time of this publication.

However, it’s worth noting that MSFT shares have registered an impressive year-to-date gain of 128 percent, suggesting that the game is far from over in the world of Bitcoin.

Regarding price action, a notable crypto analyst, Rekt Capital, has identified a new resistance level amid prevailing bearish sentiment. The consensus among top-rated crypto-asset analysts is that Bitcoin’s price may further decline, potentially approaching the psychologically significant support range between $20,000 and $25,000. Nevertheless, similar to Michael Saylor’s unwavering faith in Bitcoin’s long-term success, crypto analysts anticipate a swift bullish rebound following next year’s halving event.

Source: Read Full Article