Bitcoin Reserves: MicroStrategy Purchases $190 Million BTC Worth with SEN Loan Proceeds
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Last week, the company announced that its cryptocurrency subsidiary, MacroStrategy, had secured a Bitcoin-collateralized loan to purchase more BTC.
Commenting on the latest acquisition via Twitter, MicroStrategy CEO Michael Saylor noted: “MacroStrategy has purchased an additional 4,167 Bitcoins for $190.5 million at an average price of $45,714 per Bitcoin. As of 4/4/22, MicroStrategy Hodls 129,218 Bitcoins acquired for $3.97 billion at an average price of $30,700 per Bitcoin.”
As mentioned earlier, MacroStrategy recently secured a $205 million BTC-backed loan with Silvergate Bank and has purchased over 4,000 BTC between February 15 and April 4.
Bitcoin’s recent bullish trajectory came amid an increased institutional appeal for the cryptocurrency, which added to the already-existing buying pressure in the market.
Last week’s MicroStrategy news gave the flagship cryptocurrency a decent bump, which sent it up by about 1.3%. Notably, BTC tapped a yearly high in late March after touching the $48.2K top.
Analysts argue that the bullish momentum recorded since mid-March came due to increased institutional attention. Terra recently added over $1.3 billion worth of BTC to its reserve, further boosting the case for a “Bitcoin standard.”
Key Bitcoin Levels to Watch — April 5
Bitcoin has completed a correction to the $45.6 pivot top on Tuesday, following a sharp rejection from the $47K barrier earlier today. The benchmark cryptocurrency now coasts around the $46K level after bears failed to capitalize on the downtick and push for the $45K support and lower.
BTC looks poised to re-emerge in a bullish wave as the hourly stochastic indicator shows that trading conditions are at oversold levels. A recovery above the $46.3K resistance, hourly 100 EMA, should prompt further upward mobility towards the $47K – $48K axis in the near term.
Meanwhile, my resistance levels are at $46,300, $47,000, and $48,000, and my key support levels are at $45,650, $45,000, and $44,000.
Total Market Capitalization: $2.14 trillion
Bitcoin Market Capitalization: $874.2 billion
Bitcoin Dominance: 40.8%
Market Rank: #1
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