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<p>As the cryptocurrency market shows signs of recovery, MicroStrategy, the largest corporate Bitcoin (BTC) holder made a big move by purchasing 7,420 BTC worth $458.2 million. It took six days to accumulate this substantial BTC at an average price of $61,750, according to the on-chain analytics firm <a href="https://x.com/lookonchain/status/1837120898878308661" target="_blank" rel="noreferrer noopener nofollow">Lookonchain</a>.</p>   
<figure class="wp-block-image size-full">
 <img src="https://image.coinpedia.org/wp-content/uploads/2024/09/20193056/dndjnm-1.png" alt="" class="wp-image-353280">
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  Source: X (Previously Twitter)
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<h2 class="wp-block-heading" id="h-microstrategy-s-recent-bitcoin-purchase"><strong>MicroStrategy’s Recent Bitcoin Purchase</strong></h2>   
<p>In addition to this recent accumulation, MicroStrategy purchased a massive 18,300 BTC worth $1.11 billion at an average price of $60,408 between August 6, and September 12, 2024, as reported by <a href="https://coinpedia.org/news/breaking-microstrategy-completes-1-01b-offering-of-convertible-senior-notes-due-2028/" target="_blank" rel="noreferrer noopener">CoinPedia</a>.</p>   
<p>This significant accumulation of BTC over a short period suggests that a massive upside rally may be imminent.&nbsp;</p>   
<h2 class="wp-block-heading" id="h-bitcoin-price-momentum"><strong>Bitcoin Price Momentum</strong></h2>   
<p>Currently, the overall market sentiment has shifted, and Bitcoin the world’s biggest cryptocurrency has experienced an <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noreferrer noopener">impressive price surge of over 9%</a> over the past 7 days.&nbsp;</p>   
<p>At press time, BTC is trading near $62,860 and has remained stable over the last 24 hours. During this period, its trading volume has dropped by 21%, indicating lower participation from traders and investors amid ongoing price reversal.</p>   
<h2 class="wp-block-heading" id="h-bitcoin-technical-analysis-and-upcoming-levels"><strong>Bitcoin Technical Analysis and Upcoming Levels</strong></h2>   
<p>According to expert technical analysis, BTC appears bullish and is now heading toward the $65,000 level. Additionally, it is trading above the 200 <a href="https://coinpedia.org/traders/exponential-moving-average-ema/" target="_blank" rel="noreferrer noopener">Exponential Moving Average</a> (EMA) which hints it is in an uptrend. The 200 EMA is a technical indicator used by traders and investors to determine whether an asset is in an uptrend or downtrend.</p>   
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/09/20192538/BTCUSDT_2024-09-20_19-25-24.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/09/20192538/BTCUSDT_2024-09-20_19-25-24-1024x448.png" alt="" class="wp-image-353267"></a>
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  Source: Trading View
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<p>Based on the historical price momentum, if BTC reaches the strong resistance level of $65,000, we may see a price reversal. However, if it breaks through that resistance, there is a strong possibility it could rise to $68,000 in the coming days.</p>   
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