Bitcoin (BTC) gained at the Dec. 2 Wall Street open as a fresh round of buying by business intelligence firm MicroStrategy boosted markets.
BTC/USD 15-minute chart. Source: Cointelegraph/TradingView
Bitcoin embraces latest MicroStrategy purchases
Data from Cointelegraph Markets Pro and TradingView tracked BTC price gains of more than $2,000 over two hourly candles.
In contrast to its traditional reaction, BTC/USD made rapid progress after MicroStrategy revealed that it had spent just under $1.5 billion on boosting its BTC reserves.
The purchases were made in the week through Dec. 1, according to a Dec. 2 filing with United States Securities and Exchange subsequently confirmed by CEO Michael Saylor.
BTC/USD chart with MicroStrategy BTC purchases. Source: Lookonchain/X
Commenting, Ki Young Ju, founder and CEO of onchain analytics platform CryptoQuant, considered the scope of MicroStrategy’s overall BTC buying streak.
“$MSTR spent $13.5B on 149,900 BTC, with holdings up $21.5B in 30 days,” he noted in a post on X.
“Bitcoin market can’t absorb tens of billions short-term without driving prices up, making returns nearly inevitable. If BTC breaks $100K, the gains could grow even more as it enters price discovery.”
Continuing, trading firm QCP Capital acknowledged Saylor’s upcoming pitch to the board of tech giant Microsoft scheduled for Dec. 10 — also an attempt to endear the firm to holding a Bitcoin treasury.
“Microsoft’s shareholders are scheduled to vote on a proposal to add BTC to its balance sheet on December 10. Could this be the catalyst BTC needs to break 100k before year end?” it queried in its latest bulletin to Telegram channel subscribers.
“Microsoft's top shareholders such as Vanguard, BlackRock and Fidelity already have exposure to crypto with investments in MSTR, Coinbase and other crypto firms. One could argue that they already possess sufficient exposure. On the other hand if the proposal passes, it would be bullish not only for BTC but also for their other investments.”
Overbought RSI precedes BTC price rebound
BTC price action circled $96,000 at the time of writing, having previously begun retesting support below the $95,000 mark.
However, the outlook remained positive for traders, with the $100,000 landmark firmly on everyone’s mind.
“Nice corrective upwards consolidation here resetting RSI & other indicators,” popular trader Roman told X followers in his latest short-timeframe BTC price analysis.
“We’re also seeing bullish divergences form while building volatility for higher. It’s a matter of time before 100k breaks!”
BTC/USD 1-hour chart with RSI data. Source: Cointelegraph/TradingView
Roman referred to the relative strength index (RSI) indicator, which on hourly timeframes almost dipped below the key “oversold” level of 30 on the day.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
