Billion

<p>MicroStrategy (MSTR), the world’s largest corporate Bitcoin (BTC) holder, once again gathered significant attention from crypto enthusiasts. On November 18, 2024, Michael Saylor, the founder and chairman of MSTR made a post on X (formerly Twitter) that the firm had acquired a significant 51,780 BTC, worth $4.6 billion.</p>   
<h2 class="wp-block-heading" id="h-microstrategy-s-4-6-billion-bitcoin-purchase-nbsp"><strong>MicroStrategy’s $4.6 Billion Bitcoin Purchase&nbsp;</strong></h2>   
<p>This acquisition took place when BTC was trading near $88,627. As of now, <a href="https://coinpedia.org/news/microstrategy-buys-another-half-a-billion-worth-bitcoin-report/">MicroStrategy’s</a> BTC holding increased to 331,200 with an average price of $49,874.</p>   
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   https://twitter.com/saylor/status/1858496146026467378 
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<p>MicroStrategy’s recent acquisitions will potentially attract whales, investors, and retailers, as they presented a potential buying opportunity despite BTC’s price.</p>   
<p>At press time, BTC is trading near $89,770 and has experienced a price drop of over 1.10% in the past 24 hours. During the same period, its trading volume increased by 22%, indicating heightened participation from traders and investors despite the price consolidation.</p>   
<h2 class="wp-block-heading" id="h-bitcoin-technical-analysis-and-upcoming-level"><strong>Bitcoin Technical Analysis and Upcoming Level</strong></h2>   
<p>According to expert technical analysis, BTC has been consolidating in a very tight range between $86,000 and $91,870 for the last six days. However, technical indicators such as the 200 Exponential Moving Average (EMA) and Relative Strength Index (RSI) suggest a potential upside rally in the coming days.</p>   
<figure class="wp-block-image size-large">
 <img src="https://image.coinpedia.org/wp-content/uploads/2024/11/18193301/BTCUSDT_2024-11-18_19-32-51-1024x448.png" alt="" class="wp-image-381335">
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  Source: Trading View
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<p>Based on recent price action, a breakout from the consolidation zone will determine BTC's direction in the coming days.</p>   
<p>If the asset breaches the upper level of the consolidation zone and closes a daily candle above the $91,870 level, we may see notable upside momentum. Conversely, if BTC breaches the lower boundary of the consolidation zone and closes a daily candle below the $86,000 level, we may see a price decline to $80,000 or even lower.</p>

MicroStrategy Scoops Up $4.6 Billion of Bitcoin, Buy Opportunity?

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