- MicroStrategy added 3,000 BTC for $155 million, bringing the total stash to 193,000 BTC at an average price of $51,813 per BTC
- The price of Bitcoin (BTC) touched a yearly high of $57,055
- This represents a 10.9% price increase in the last 24 hours and a 9.2% price increase in the past 7 days.
- As of Tuesday, February 27, 2024, 10:25 a.m.UTC, MicroStrategy’s latest investment round is already 9.43% in profit.
Bitcoin reached a new yearly high of $57,055 on Tuesday, February 27, 2024, as MicroStrategy, announced that it had purchased an additional 3,000 BTC for $155 million.
MicroStrategy, which has been accumulating Bitcoin since August 2020, now holds a total of 193,000 BTC, worth about $7.6 billion at current prices. The company said it bought the latest batch of bitcoins at an average price of $51,813 per bitcoin, including fees and expenses.
The company’s CEO, Michael Saylor, has been a vocal advocate of Bitcoin, calling it a “dependable store of value” and a “compelling investment asset”. He has also encouraged other companies and institutions to adopt Bitcoin as a treasury reserve asset.
MicroStrategy’s announcement came amid a strong rally in the crypto market, driven by growing institutional and retail demand, as well as positive developments in the regulatory and technological fronts.
Bitcoin has gained more than 34% since the start of the year, outperforming most traditional assets.
Will BTC Continue to Rise, Or a Reversal Is Looming?
On the daily chart, BTC is still above the 50-day, 100-day, and 200-day simple moving averages (SMA), which shows a bullish trend. However, the 14-day relative strength index (RSI) is in the overbought region (85).
At around RSI level of 88-90, Bitcoin price may experience a possible reversal soon
Bitcoin is now eyeing $58,000. If BTC breaks above $58,000, it could trigger a rally that could push the price higher to $61,000 and $64,000.
If BTC breaks below $50,000, it could crash down further to $47,000, $43,000, and $39,000.
Even though Bitcoin has struggled to reclaim $57,000, the markets should not rejoice yet. Bitcoin halving is about 2 months away and smart money is still accumulating.
A black swan event is looming and investors should be cautious as they trade Bitcoin and other cryptocurrencies.