Bitcoin Rallies as MicroStrategy Announces Plan to Acquire More BTC

Azeez Mustapha
8 August 2021 | Updated: 8 August 2021

The holder of the largest institutional Bitcoin (BTC) investor MicroStrategy, has announced that it plans to continue stocking up its BTC holdings, despite the $424.8 million impairment it recorded in Q2 2021. The cumulative impairment comes in at a whopping $689.6 million since Q3 2020.

As of June 2021, the behemoth investor held 105,085 BTC with a carrying value of $2.05 billion, with the average carrying amount per Bitcoin holding at $19,518.

Reports show that Tesla takes the number two spot as the highest BTC holder with 42,902 and Galaxy Digital Holdings, Voyager Digital, and Square running up at third, fourth, and fifth positions with 16,400, 12,260, and 8,027 BTCs, respectively.

Speaking on the new development, MicroStrategy CEO Michael J. Saylor noted that:

“We continue to be pleased by the results of the implementation of our digital asset strategy. Our latest capital raise allowed us to expand our digital holdings, which now exceed 105,000 bitcoins. Going forward, we intend to continue to deploy additional capital into our digital asset strategy.”

The company asserted that buying and holding (HODL) Bitcoin is a reliable store of value bolstered by a massive, public, open-source architecture free from sovereign monetary policies.

Key Bitcoin Levels to Watch — August 8

As projected in a previous analysis, the benchmark cryptocurrency used the weekend to clear more upside barriers, peaking at $45,390 earlier today. This upward momentum comes shortly after a prolonged consolidation below the $41,000 pivot line. However, BTC now appears to be in a mild near-term correction from the critical $45,000 level towards the $43,500 – $43,000 axis.

BTCUSD – 4-Hour Chart

That said, we expect a sharp rebound after this mild correction, which could see the primary cryptocurrency reclaim the upper-$45k area and etch closer to the $50,000 psychological resistance.

Meanwhile, our resistance levels are at $45,000, $46,000, and $47,000, and our key support levels are at $43,000, $42,000, and $41,000.

Total Market Capitalization: $1.82 trillion

Bitcoin Market Capitalization: $837.6 billion

Bitcoin Dominance: 45.9%

Market Rank: #1

 

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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.