Bitcoin recovers from new lows on December 30th, while the market does not yet have to show a clear course towards the end of the year.
diagram price BTC 4 hours | Source: TradingView
Business intelligence firm MicroStrategy bought an additional 1,914 bitcoins for $ 94.2 million in cash, according to the company’s website. file their most recent legislation.
The company’s total number of bitcoins now grows to 124,391 bitcoins, which is worth around $ 5.9 billion at current prices.
The last purchase was between December 9th and 29th.
In particular, the company’s average purchase price has now exceeded $ 30,000, which means Bitcoin must stay above the above levels in order for the company to break even.
In early December, the company also announced a $ 84 million purchase of Bitcoin.
Last month, CEO Michael Saylor told The Information that he personally owns $ 866 million in Bitcoin and expects the price to climb to $ 600,000 without giving a specific time frame. Ultimately, Saylor believes that because of its deflationary nature, Bitcoin will continue to appreciate indefinitely.
In an interview with Yahoo! Finance Earlier this month, the consultant recognized a Black Swan event as the only valid risk to Bitcoin, as the largest cryptocurrency has yet to be hacked while all clones “fail”:
“The only valid risk is the black swan – an unknown stranger,” he said in an interview.
At the same time, he rejects a number of potential challenges:
“Has it been hacked? Not yet. Is it banned? No, it is not forbidden. Can it be copied? We copied it a thousand times. All copies fail. ”
Bitcoin is currently down 2% in the past 24 hours, trading at $ 47.262. The largest cryptocurrency is down 18% this month.
Gold beetle Peter Schiff speculate Bitcoin price would be “much lower” if it weren’t for the MicroStrategy purchase step. He compares Saylor’s last purchase to a “Christmas present” for a salesman.
MicroStrategy stock is up a modest 30% year-to-date and barely outperformed the S&P 500 benchmark index.
Data from TradingView shows that BTC rose to $ 47,731, making up almost all of the previous day’s losses.
Before Wall Street opens, prices will still stay above the $ 47,000 mark, but traders are warning that the BTC price action is far from over.
“The market has been pretty boring lately. Just a bottoming out process for Bitcoin. BTC is retesting $ 46,000 as support and bouncing, but will likely need to get liquidity below lows before doing any more runs, ”analyst Michaël van de Poppe summary.
That liquidity was between $ 44,000 and $ 45,000 on that day, with Bitcoin firmly establishing a resistance-limited range of $ 53,000 and more earlier in the week.
Given the low liquidity holiday season, the potential for a sharp increase or decrease remains.
On-chain analytics company Glassnode notice in the latest weekly newsletter The Week Onchain:
“In addition to the high probability of a leverage squeeze, we also expect a general decline in trading volume. Quieter trading activity is typical towards the end of the year, but on a 7-day average the volume of the futures market is 16% below the previous year’s figure. Lower volume and increased open interest (on a centralized exchange) are a combination that could at least favor a localized leverage squeeze in the coming weeks. ”
Veteran dealer Peter Brandt Arguments That pressure has yet to be done this week.
As reported, the macro markets took center stage after Christmas with new all-time highs.
At the same time, institutional interest in Bitcoin seems to be relatively low, as shown by the poor performance of the first US futures-based Bitcoin Exchange Traded Fund (ETF).
Total open interest (OI) in futures nearly doubled this year, increasing $ 9.57 billion, or 97%, to a total of $ 18.87 billion. This week alone, open interest soared about $ 2.5 billion, mostly led by traders on Binance, ”said Glassnode.
OI futures contract Bitcoin | The source: Coinglass
Binance’s BTC balance increased over the course of December likely due to the switch of Chinese users from Huobi Global.
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