MicroStrategy Stacks up on BTC as Volatility Flatlines

MicroStrategy, an analytics and mobility platform, currently HOLDs a significant amount of Bitcoin (BTC) and plans to keep stacking its holding. The firm recently revealed that it is seeking financing to acquire more large chunks of Bitcoin.

According to an official press release on December 7, MicroStrategy was considering taking on a $400 million private offering in Convertible Senior Notes to grow its Bitcoin reserves.

Convertible notes are promissory notes that represent debt and can be used to attain investments, make purchases, and execute trades.

MicroStrategy’s Notes will fully mature by December 2025, and the firm will be able to buy out the Notes in cash in December 2023. Noteholders will be entitled to interest twice a year, June 15 and December 15 of every year the notes are in session.

This announcement is coming just two days after the analytics company purchased $50 million worth of Bitcoin at around $19,427, for a total of 2574 BTC.

This recent purchase brings the company’s total holding to 40,824 BTC, an incredible feat by any metric. To put things into perspective, that figure represents about 0.2% of all Bitcoins that will ever exist and 0.22% of all Bitcoins in circulation today.

Key BTC Levels to Watch — December 8

Bitcoin has traded within the $19,500 – $18,500 consolidation channel for the eighth consecutive session now. This is indicative of the absence of volatility in the crypto market at the moment.

Our hourly MACD indicator shows the complete flatlining of volatility in BTC, as traders await any new development in the market. However, a fall below the $18,500 line could distort the prospects of Bitcoin reclaiming its ATH before the year runs out.

Meanwhile, our key resistance levels are at $19,500, $19,880, and $20,000. While our key support levels are at $18,800, $18,500, and $18,400.

Total market capital: $554 billion

Bitcoin market capital: $348 billion

Bitcoin dominance: 62.8%

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