Crypto Industry News:
Michael Saylor's MicroStrategy once again made a massive BTC purchase. This time, the company's portfolio increased by 3,907 new Bitcoins, which was approximately $ 177,000,000.
Information about the increase in the amount of BTC appeared on the Saylor profile, which also revealed the current state of MicroStrategy's BTC portfolio.
Currently, the company has as much as 108,992 Bitcoins, which at the current rate (48,096 USD) gives 5,242,079,232 dollars. Thanks to price averaging, MicroStrategy's price drops by a few percent will not deprive them of profit. The average price at which a company bought its Bitcoins is $ 26,769.
"MicroStrategy has purchased an additional 3,907 bitcoins for ~ $ 177 million in cash at an average price of ~ $ 45,294 per #bitcoin. As of 8/23/21 we #hodl ~ 108,992 bitcoins acquired for ~ $ 2.918 billion at an average price of ~ $ 26,769 per bitcoin. $MSTR "
With 108,992 Bitcoins, MicroStrategy is the largest player of any company that publicly admits to purchasing cryptocurrencies. Tesla remains in second place with 48,000 BTC, and the podium is closed by Galaxy Digital Holdings with 16,402 BTC.
Technical Market Outlook:
The BTC/USD pair has tested the nearest technical support seen at the level of $48,089 and made a low at the level of $47,469. The bulls are in full control of the market and the next target for them is seen at the level of $51,147 and $52,330. The next technical support is seen at the level of $46,719. The strong and positive momentum supports the short-term bullish outlook despite the overbought market conditions on the H4 time frame chart.
Weekly Pivot Points:
WR3 - $57,092
WR2 - $53,247
WR1 - $51,171
Weekly Pivot - $47,506
WS1 - $45,262
WS2 - $41,681
WS3 - $39,415
The bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $70,000. The next mid-term target is seen at the level of $50,000. This scenario is valid as long as the level of $30,000 is clearly broken on the daily time frame chart (daily candle close below $30k).
The material has been provided by InstaForex Company - www.instaforex.com