Bitcoin Price Rallies to $64K as MicroStrategy Buys 7,420 BTC, Boosting Institutional Demand

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Crypto Writer

Arslan Butt

Crypto Writer

Arslan Butt

Part of the Team Since

Sep 2022

About Author

Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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Last updated: 

September 20, 2024

Bitcoin (BTC) extended its upward momentum, trading near $63,000 and reaching an intraday high of $64,059.

This rally is fueled by growing institutional interest and recent news of MicroStrategy purchasing 7,420 additional BTC, increasing its total holdings to 252,220 BTC.

The launch of Bitcoin spot ETFs in the U.S. has also boosted investor confidence and market demand, further propelling BTC’s rise.

• BTC hits $64,059 intraday high

• MicroStrategy now holds 252,220 BTC

• Bitcoin spot ETFs spark institutional interest, driving demand higher

MicroStrategy’s New $458M Bitcoin Purchase Fuels Institutional Confidence

MicroStrategy has made another significant Bitcoin (BTC) purchase, acquiring 7,420 BTC between September 13-19, 2024, at an average price of $61,750 per Bitcoin, spending $458.2 million.

This brings their total holdings to 252,220 BTC, purchased for roughly $9.9 billion at an average price of $39,266 per BTC.

With Bitcoin’s current value, their holdings are worth nearly $16 billion, resulting in an unrealized profit of around $6 billion.

• Total holdings: 252,220 BTC
• Purchase cost: $9.9 billion, current value: $16 billion
• Unrealized profit: ~$6 billion

CEO Michael Saylor continues to advocate for Bitcoin as a hedge against inflation. MicroStrategy has also expanded its note offering to $1.01 billion to fund further BTC purchases, signaling potential future acquisitions.

Bitcoin Price Surge Points to Bullish Momentum and Possible New Highs

Bitcoin (BTC) has recently surged, breaking out of a long consolidation phase and boosting investor confidence.

Renowned analyst Michaël van de Poppe predicts that Bitcoin could face resistance at $66,000 but remains optimistic about reaching new all-time highs in October.

Currently, Bitcoin’s record high is $73,780, achieved in March.

• All-time high: $73,780
• Potential resistance: $66,000
• Key events: Bitcoin spot ETFs and fourth halving

With growing market optimism and key events this year—like the Bitcoin spot ETFs and April’s halving—analysts suggest Bitcoin could hit $100,000 by year-end.

Van de Poppe foresees strong gains in the final quarter of 2024.

Bitcoin Tests Key Resistance at $63,000 Amid Bullish Run

Bitcoin (BTC/USD) is trading at $62,770, slightly retracing from its recent high of $63,810. The pair remains bullish within the ascending channel, with immediate resistance at $63,810.

A break above this could push prices toward the next resistance levels at $65,120 and $66,580.

On the downside, immediate support is seen at $62,120, followed by the 50-day EMA at $60,520, which provides solid support for the ongoing trend.

The RSI is currently at 65, signaling overbought conditions, suggesting a minor pullback might occur before any further upward movement.

However, as long as Bitcoin holds above $62,120, the bullish trend is expected to remain intact. Traders should monitor for a potential break below $60,520 for signs of a deeper retracement.

Key Insights:

• Bitcoin faces immediate resistance at $63,810, with potential targets at $65,120.
• RSI at 65 signals overbought conditions, suggesting a possible pullback.
• Strong support lies at $62,120, with 50-day EMA reinforcing bullish sentiment at $60,520.

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