HomeBitcoinBitcoin price bounces above $32K as MicroStrategy 'buys the dip' with $10M

Bitcoin price bounces above $32K as MicroStrategy ‘buys the dip’ with $10M



Bitcoin (BTC) showed signs of a resurgence on Jan. 22 after a trip below $30,000 produced fresh buyer support.

BTC price seals 8.5% daily bounce

Data from Cointelegraph Markets and TradingView showed a stronger trading day for BTC/USD on Friday, with daily gains at 8.5% at the time of writing.

The turnaround follows a turbulent 24 hours in which Bitcoin slid to $28,950 — a key level when it comes to support from whales and only its second dip below $30,000 this year.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

At the same time, MicroStrategy, well known for its ever-increasing Bitcoin treasury, confirmed that it had purchased 314 BTC to bring its total hoard to 70,784 BTC.

“Microstrategy just bought 314 more #Bitcoin for $10M. @michael_saylor bought the dip,” Twitter-based information resource Documenting Bitcoin summarized, referring to the company’s CEO, Michael Saylor. 

The latest buy-in came at an average cost of $31,808 per Bitcoin and joins asset manager Grayscale’s ongoing purchases that defy overall selling action in the past few weeks.

All eyes on whales at $29,000

Among other major BTC investors, meanwhile, interest remained focused on the area at just below $30,000. 

According to monitoring resource Whalemap, that area is crucial to hold in order to avert a further price dip on BTC/USD, one that could take the pair closer to $20,000.

“Falling below $28,727 and consolidating there will give us another big drop to at least $23,818,” part of a series of tweets explained, along with an accompanying graphic.

Bitcoin whale support levels chart. Source: Whalemap/ Twitter

“Not many supports below $28,727 right now, so if we start consolidating there, it will probably bring BTC all the way to at least $23,818,” co-founder Artem Lazarev told Cointelegraph.

“$23,818 is not super strong but nevertheless should provide time for BTC to reassess the situation. Otherwise, $19,322 is super strong and a level for which big guys are setting their stoplosses probably.”


Source link


Cardano faces $1.60 resistance after ADA price hits 2-month highs

Cardano's ADA token came close to its highest in two months on Aug. 10 as daily gains neared 6%.Data from Cointelegraph Markets Pro and...

Teller Finance deploys mainnet on Polygon, migrates 2,200 NFTs

Teller Finance, a non-collateral lending protocol for the DeFi market, has officially deployed its mainnet on Polygon, marking a significant milestone in its quest...
[td_block_social_counter style="style8 td-social-boxed td-social-font-icons" facebook="tagdiv" twitter="tagdivofficial" youtube="tagdiv" custom_title="Follow us" block_template_id="td_block_template_11" border_color="#fbb03b" f_header_font_size="eyJhbGwiOiIyMCIsInBvcnRyYWl0IjoiMTgifQ==" f_header_font_weight="600" f_header_font_family="702" f_header_font_transform="uppercase" tdc_css="eyJwb3J0cmFpdCI6eyJkaXNwbGF5IjoiIn0sInBvcnRyYWl0X21heF93aWR0aCI6MTAxOCwicG9ydHJhaXRfbWluX3dpZHRoIjo3NjgsInBob25lIjp7Im1hcmdpbi1ib3R0b20iOiI0MCIsImRpc3BsYXkiOiIifSwicGhvbmVfbWF4X3dpZHRoIjo3NjcsImFsbCI6eyJtYXJnaW4tYm90dG9tIjoiMzAiLCJkaXNwbGF5IjoiIn19"]

Most Popular