This is turning out to be a great week for crypto. Bitcoin price just broke past the $60K level for the first time this month. In fact, remember how everybody was saying September is historically bad for crypto?
We’re almost halfway through the month, and this is, for now, a “green” month since the BTC price was around $58K on September 1st.
Ethereum is also doing well as the ETH price approaches the crucial $2.5K level after a 4% pump today.
However, a lot can change in the second part of the month. Let’s see why crypto prices are up today.
MicroStrategy Continues Bitcoin Buying Spree
MicroStrategy has made another Bitcoin purchase. The company reportedly bought an additional 18,300 BTC, worth approximately $1.11 billion, at an average price of $60,408 between August 6 and September 12.
MicroStrategy bought another 18,300 $BTC($1.11B) at $60,408 between Aug 6 and Sept 12!#MicroStrategy currently holds 244,800 $BTC($14.15B), and the average buying price is $38,585.At current prices, the profit is ~$4.71B! pic.twitter.com/keyEPOpQjP
— Lookonchain (@lookonchain) September 13, 2024
This latest acquisition brings MicroStrategy’s total Bitcoin holdings to a staggering 244,800 BTC, valued at around $14.15 billion. The company’s average buying price now stands at $38,585. At current market prices, MicroStrategy is sitting on a profit of approximately $4.71 billion from its Bitcoin investments.
Read also: Can You Become a Millionaire by Holding Kaspa (KAS)?
Bitcoin Approaches Critical Resistance
Crypto trader Ali has reported that Bitcoin is nearing a crucial resistance zone. According to his data, there are 1.52 million addresses holding over 770,000 BTC between $59,885 and $61,625.
This concentration of Bitcoin at these price levels creates a significant hurdle for further price increases. If Bitcoin manages to break through this resistance, it could potentially climb to $64,300. However, if the resistance holds, we might see a pullback to around $57,235.
#Bitcoin is approaching a critical resistance zone, with 1.52 million addresses holding over 770,000 $BTC between $59,885 and $61,625. If this level is surpassed, #BTC could climb to $64,300. However, if it holds, a pullback to $57,235 may occur. pic.twitter.com/K4OLNJOFNL
— Ali (@ali_charts) September 13, 2024
It’s worth noting that 770,000 BTC represents a big amount of Bitcoin – over 3.6% of the total supply. Such a large concentration of Bitcoin at a specific price range can indeed create strong resistance or support levels, depending on whether these holders decide to sell or hold onto their assets.
BlackRock’s Bitcoin ETF Sees Massive Trading Volume
In another positive news, Bitcoin Magazine reported on X (Twitter) that BlackRock’s spot Bitcoin ETF, IBIT, saw $1.1 billion in trading volume today.
This trading activity in a major institutional investment product demonstrates growing interest in Bitcoin, so this might helped the BTC price pump today.
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