In the current bullish market sentiment, the business intelligence firm MicroStrategy has once again captured everyone’s attention in the realm of cryptocurrency by acquiring a substantial 12,000 Bitcoins for $821.7 million in cash. According to a recent report by the Securities and Exchange Commission (SEC), MicroStrategy made this significant Bitcoin purchase during the period between February 26, 2024, and March 10, 2024.
How much Bitcoin does MicroStrategy have?
Following its recent Bitcoin purchase, MicroStrategy has become the largest corporate Bitcoin holder, surpassing the asset management giant BlackRock. According to a recent report, MicroStrategy now holds a massive 205,000 Bitcoins, acquired for $6.91 billion.
Additionally, the average purchase price of this significant Bitcoin holding is around $33,706. Meanwhile, BlackRock currently holds a substantial 196,089 Bitcoins. This significant Bitcoin holding by the asset management firm BlackRock occurred after the approval of a spot Bitcoin ETF (Exchange Traded Fund).
The ongoing Bitcoin accumulation by MicroStrategy underscores its interest and confidence in the world’s biggest cryptocurrency. MicroStrategy is the only firm that massively accumulated Bitcoin when it was trading at its low near $15,000, and it has continued this accumulation since then.
Bitcoin price performance analysis
MicroStrategy began accumulating Bitcoin on February 26, 2024. Since that time, Bitcoin has experienced a 36% upside momentum. Currently, Bitcoin is trading at $72,000, and in the last 24 hours, it has undergone a price surge of over 3%. Looking at the performance of Bitcoin over a longer period, in the last 7 days, the price of Bitcoin has soared more than 10%, while in the last 30 days, it has gained over 48% in upside momentum.
According to expert technical analysis, Bitcoin is currently trading near its all-time high of $72,214, reached on March 11, 2024. With no apparent obstacles in its way, it is anticipated that Bitcoin will likely reach the $80,000 level in the coming days.
However, a recent post by a prominent trader and analyst on X (previously Twitter) featured a Bitcoin chart in a 12-hour time frame with a TD Sequential indicator. According to the post, these technical indicators suggest a selling signal for Bitcoin. The analyst highlights that since early February, each time this indicator has suggested selling, Bitcoin has experienced a price drop ranging from 1.6% to 3.5%.
