Bitcoin Price Analysis: As MicroStrategy Buys The Dip With Another $5.4 Billion BTC, Experts Say This Latest ICO Might Be The Best Crypto To Buy Now
The Bitcoin price plunged 5% in the last 24 hours to trade at $93,512 as of 02:21 a.m. EST on trading volume that surged 94% to $120 billion. This follows MicroStrategy’s announcement on Monday that it acquired an additional 55,000 BTC for $5.4 billion between November 18 and November 24. With this latest purchase, the company now holds approximately 386,700 BTC, acquired at a total cost of about $21.9 billion, averaging $56,761 per BTC. Bitcoin Price Currently Undergoing A Correction After what appears to be a parabolic rise in November, the Bitcoin price then went through a cool-off, as the bulls used the $90,000 support to push the price up through a rising channel pattern, according to data from GeckoTerminal. The price of Bitcoin, however, has breached the lower boundary of the channel, suggesting that BTC is currently undergoing a correction. The current correction has pushed the price of Bitcoin to trade below the 50-day Simple Moving Average (SMA). However, the BTC p...