Briefly–
- MicroStrategy purchased almost 9,000 BTC in Q3.
- The company now holds $BTC worth $7 billion.
- The business intelligence firm plans to buy more Bitcoins in the future.
MicroStrategy, a NASDAQ-listed company, added its crypto holdings with 9,000 BTCs in this year’s third quarter. That way, the firm’s total BTC holding is worth $7 billion.
MicroStrategy BTC Stash Surpasses $7 Billion
On 28 October, the intelligence firm announced purchasing 8,957 Bitcoin in 2021 3rd quarter. Since the same time in 2020, MicroStrategy its BTC holdings by almost 200%. Meanwhile, the company still categorizes the leading crypto as an intangible product. Moreover, the firm needs to report impairment losses whenever Bitcoin value declines under its cost basis.
MicroStrategy revealed its BTC holding value as $2,406 billion with $754.7 million impairment losses since its acquisition. However, they count it as a paper loss. Meanwhile, MicroStrategy CEO Michael Saylor confirmed that he hodl his BTC.
With its stash at 114,042, the BTC holding by the NASDAQ-listed company surpassed $7 billion. The company declared that it bought the leading crypto by funds it raised via a market equity contribution. The company further confirmed that it still evaluates opportunities to raise more funding to accomplish its Bitcoin investment goals. Saylor stated that the company is ready to partner with an organization that will help it buy more Bitcoins.
BTC Price Tries to Break Past Resistance
According to the twelve-hour price chart, BTC has its price approaching the prevailing descending channel’s upper border. Keep in mind that slicing past the primary resistance trend-line will be a winning case for bulls.
Bitcoin needs to break past $62,250, the governing technical pattern’s topside trend-line, for bigger targets. The dominant crypto by market cap has its initial resistance at 61.8% FIB retracement, coinciding with 21 12Hr SMA at $61,981. Additional hurdles will occur at the channel’s upper border at $62,250, then 78.6% FIB retracement at $64,197.
Bitcoin will secure the nearest support at 50% FIB retracement at $60,424 if selling momentum magnifies. Another footing will be at 38.2% FIB retracement at $58,876, matching with 50 12Hr Simple Moving Average. However, the increased institutional interest proves that BTC is here to stay. You can share your thoughts below.