Bitcoin Regains Bullish Momentum as MicroStrategy Purchases More BTCs

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Behemoth digital assets manager MicroStrategy has reportedly acquired 5,050 more BTCs, bringing its total Bitcoin holdings to a jaw-dropping 114,042 coins. The company announced the new development on Monday. MicroStrategy CEO Michael Saylor tweeted that:

“Microstrategy has purchased an additional 5,050 bitcoins for ~$242.9 million in cash at an average price of ~$48,099 per bitcoin. As of 9/12/21, we HODL ~114,042 bitcoins acquired for ~$3.16 billion at an average price of ~$27,713 per bitcoin.”

The firm forwarded a memo to the U.S. Securities and Exchange Commission (SEC) detailing its BTC purchase on Monday. According to the forwarded document, MicroStrategy “purchased approximately 8,957 bitcoins for approximately $419.9 million in cash, at an average price of approximately $46,875 per bitcoin, inclusive of fees and expenses.”

The 8,957 BTC number includes the 3,907 BTC the company purchased in August. Saylor remains a devout Bitcoin promoter despite the recent bearish momentum. He recently noted that his company avoided “a multi-billion dollar mistake” by investing in BTC instead of gold.

Key Bitcoin Levels to Watch — September 14

BTC enjoyed a minor boost yesterday following rumors about Walmart adopting Litecoin (LTC) as a payment option. However, this narrative has gotten disproved as official sources denied the move. That said, the benchmark cryptocurrency retained the bullish support from the news as it reclaims the $46,000 area.

BTCUSD – 4-Hour Chart

BTC is in a race against time to dismantle the recent formation of a golden cross at the $47,600 point. The primary cryptocurrency needs to reclaim the $48,000 mark to prevent bears from acting on the golden cross and, subsequently, create a golden cross to the upside. With the current momentum, BTC could break above the $46,000 – $46,500 pivot zone soon, which should help the cryptocurrency reclaim more bullish grounds.

Meanwhile, our resistance levels are at $47,000, $48,000, and $49,000, and our key support levels are at $45,400, $45,000, and $44,400.

Total Market Capitalization: $2.09 trillion

Bitcoin Market Capitalization: $866.8 billion

Bitcoin Dominance: 41.5%

Market Rank: #1

 

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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.