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For the past few days, the crypto market has gained noticeable spotlight among investors as the largest cryptocurrency by market cap, Bitcoin, continues to make massive surges. Bitcoin’s impressive gains have not only attracted individual investors but also institutional investors who are looking to capitalize on its growth potential, and one such institutional investor is MicroStrategy. In a recent post, MicroStrategy revealed that it has acquired another 1,045 Bitcoin as the asset breaks crucial price levels.
MicroStrategy Now Holds 140K Bitcoin
On April 5, Michael Saylor, the executive chairman of the American business intelligence firm MicroStrategy, took to Twitter to announce the company’s latest move. MicroStrategy has acquired an additional 1,045 Bitcoin for around $29.3 million, with an average price of $28,016 per BTC. This news marks yet another strategic move by the company in the cryptocurrency space.
As of writing, BTC price trades at $28.4K, gaining over 0.3% in the last 24 hours. If BTC price successfully breaks the hurdle above 38.6% Fib level at $29K, it may pave its smooth road above $30K. The ascending pattern in the RSI trend line shows that BTC price will likely surpass the $30K price level this week.
In case the resistance at $28,800 proves too strong for Bitcoin’s current uptrend, the cryptocurrency may face another drop in value. The immediate support to watch for on the downside is at the $28,200 level, which coincides with a significant trend line.