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Today’s Cryptocurrency Headline
According to an 8-K filing from the SEC, MicroStrategy, a US-listed business intelligence software provider, bought about 3,907 additional Bitcoins between July 1 and August 23. The total cost was $177 million and the average purchase price of a Bitcoin is about $45,294. As of August 23, 2021, the company held about 108,992 Bitcoins and spent a total of $2.918 billion. The average Bitcoin purchase price is about $26,769.
Bingbon’s Bitcoin Chart
Source: TradingView& Bingbon
Bitcoin has lost the key $50,000 level and slipped below $49,000 with an intra-day low of $47,600. On-chain data shows that the Bitcoin network has not been witnessing many transactions recently even with the parabolic price upswing. There will be an important test of the $50,000 level again this week.
If BTC fails to hold an important support level at $47,000 this week, the overheated market will decrease for a while. $48,900 remains the key resistance to break in order to continue the bullish trend. On the other hand, BTC is likely to find strong support between $46,500 and $44,000. Once BTC retests the support levels and successfully holds above them, it is still likely to surge quickly towards $55,000, pushing the broader market along.