- MicroStrategy has become one of the biggest forces of constant buy pressure on Bitcoin, being an impetus for it seeing serious gains as of late
- The cryptocurrency’s price action may have been bolstered by their latest bout of buying, which was announced earlier today
- While the cryptocurrency was still trading around $22,000 before its rally to highs of $24,200, the company purchased $650 million worth of the crypto
- This puts their total BTC holdings at 70,470, making them one of the largest single holders of the benchmark digital asset
- Where it trends in the mid-term may depend largely, if not entirely, on whether or not other large players like MicroStrategy step up and continue buying the crypto
Bitcoin and the entire cryptocurrency market have witnessed some immense volatility as of late, with the selling pressure seen at its highs of $24,200, sending it reeling down to lows of $22,000 earlier this morning.
The buying pressure here was quite intense and has since caused the crypto to rocket higher and reclaim its position above $23,000.
Whether or not it can flip this into a support level should provide some serious insights into its mid-term outlook.
Constant buying pressure from major corporations like MicroStrategy may help continue boosting BTC and the rest of the crypto market in the days and weeks ahead.
Bitcoin Rebounds Off of Key Support as Uptrend Continues
At the time of writing, Bitcoin is trading down just over 1% at its current price of $23,150, marking a slight decline from its daily highs of over $24,000.
However, this does mark a massive rise from lows of $22,000 that were set at the bottom of the overnight selloff.
The strength seen in the time since it set these lows has been impressive and may allow it to see further upside.
MicroStrategy Boosts BTC With Another $650m Buy
MicroStrategy CEO Michael Saylor explained in a recent tweet that his company purchased an additional $650m worth of BTC while it was trading at just below $22,000.
He notes that they now hold an aggregate total of 70,470 BTC that were purchased for $1.125 billion.
“MicroStrategy has purchased an additional 29,646 bitcoins for $650 million at an average price of $21,925 per Bitcoin and now hodl an aggregate of 70,470 bitcoins purchased for $1.125 billion at an average price of $15,964 per bitcoin.”
MicroStrategy has purchased an additional 29,646 bitcoins for $650 million at an average price of $21,925 per #bitcoin and now #hodl an aggregate of 70,470 bitcoins purchased for $1.125 billion at an average price of $15,964 per bitcoin.https://t.co/j6wVLXIzoa
— Michael Saylor (@michael_saylor) December 21, 2020
As more companies follow in MicroStrategy’s footsteps, there’s a strong possibility that Bitcoin’s price will continue being bid up by massive inflows of buy-side pressure.
Featured image from Unsplash. Pricing data from TradingView.