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Crypto Industry News:
MicroStrategy increased its interest in Bitcoin by 27% after purchasing an additional 19,452 coins, bringing its total wealth to 90,531 BTC.
As announced on the company's website, the coins were purchased for about $ 52,765 per coin, which is equivalent to an expense of just over $ 1 billion. MicroStrategy CEO Michael Saylor said the company's goal was now twofold: to grow the analytics software company and buy more Bitcoins.
"The company continues to focus on our two corporate strategies: growing business intelligence software and acquiring and holding Bitcoin."
Within six months of MicroStrategy's announcement of its first $ 250 million investment in Bitcoin, the company has spent more than $ 4 billion on digital assets. Saylor said he had no plans to stop buying BTC any time soon.
"The company now owns over 90,000 Bitcoins, confirming our belief that Bitcoin, as the world's most widespread cryptocurrency, can serve as a reliable cryptocurrency. We will continue to pursue our strategy of sourcing Bitcoin from excess cash and may from time to time, depending on market conditions, issue debt or equity securities as part of a capital raising transaction to use funds to purchase additional Bitcoins. "
The purchase value of MicroStrategy exceeded the figures previously announced by the company, which announced on February 17 that it would raise $ 900 million to purchase more Bitcoins.
Technical Market Outlook:
The BTC/USD pair has retrace almost 50% of the last wave down and the recent high was made at the level of $51,292. The 50% Fibonacci retracement is located at the level of $51,599. There is a set of Pin Bar candlesticks at the recent sell-off bottom at the level of $44,936, so it is clear, that bulls are protecting the levels under $40k. Nevertheless, the next big resistance for Bitcoin is still seen at $50,000 and it must be violated to continue the bounce towards the level of $51,599 and $53,171. Please notice, that despite the bounce, the momentum is still weak and negative, so the bears are in control of the market for some time now.
Weekly Pivot Points:
WR3 - $75,571
WR2 - $67,184
WR1 - $63,246
Weekly Pivot - $54,169
WS1 - $50,671
WS2 - $42,010
WS3 - $37,979
Trading Recommendations:
The bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $60,000. Any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $41,125 is clearly broken.
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