Welcome to Extreme Investor Network, where we provide you with unique insights and analysis on the latest trends in the stock market, trading, and Wall Street. Today, we take a closer look at the recent price action of Bitcoin and the impact of Microstrategy’s significant purchase of the cryptocurrency.
The chart above illustrates Bitcoin’s impressive rally from September 6 to September 10, where it initially surged by 10% only to meet resistance at the $57,900 level. However, as new bullish catalysts emerged, Bitcoin has bounced back from this correction and reached a new monthly high of $59,762 as of Friday, September 13.
One significant factor contributing to Bitcoin’s recent price surge is MicroStrategy’s aggressive purchase of the cryptocurrency. On the same day, Microstrategy announced its acquisition of an additional 18,300 bitcoins for $1.11 billion at an average price of $60,408 per BTC. This move comes shortly after CEO Michael Saylor boldly predicted that Bitcoin could reach $13 million per coin by 2024.
The market reports suggest a strong correlation between MicroStrategy’s latest BTC haul and the upward momentum of Bitcoin’s price. This strategic move by a major US-based IT firm has undoubtedly fueled optimism and interest in the cryptocurrency market.
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