{"id":483976,"date":"2024-02-27T14:24:44","date_gmt":"2024-02-27T14:24:44","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=483976"},"modified":"2024-05-31T15:27:41","modified_gmt":"2024-05-31T15:27:41","slug":"bitcoin-price-prediction-btc-blasts-past-56k-as-microstrategy-buys-3k-bitcoin-and-investors-stampede-to-this-new-green-btc-gem-before-a-price-hike","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-price-prediction-btc-blasts-past-56k-as-microstrategy-buys-3k-bitcoin-and-investors-stampede-to-this-new-green-btc-gem-before-a-price-hike","title":{"rendered":"Bitcoin Price Prediction: BTC Blasts Past $56K As MicroStrategy Buys 3K Bitcoin And Investors Stampede To This New Green BTC Gem Before A Price Hike"},"content":{"rendered":"

The Bitcoin price has exploded nearly 10% in the last 24 hours to trade for $56,242 as of 1:30 a.m. EST time.<\/p>\n

Trading volume is up 230%, signifying a remarkable surge in BTC. Amid this euphoria, the Bitcoin price blasted past the $55,000 milestone during the afternoon hours of the US session, liquidating nearly $100 million in short positions against around $12 million longs.<\/p>\n

\"BTC<\/a><\/p>\n

BTC liquidations Feb 26<\/a><\/p>\n

Latest data shows that as of publishing time, $64.09 million shorts have been liquidated, alongside $17.76 million long positions.<\/p>\n

\"BTC<\/a><\/p>\n

BTC liquidations Feb 27<\/a><\/p>\n

With it, as the shorts closed their positions (effectively buying), there has been a striking $1.41 billion increase in open interest, moving from $23.45 billion to $24.86 billion in 24 hours. For the layperson, open interest represents the sum of all open long and short positions for an asset in the market.<\/p>\n

\"BTC<\/a><\/p>\n

Why Is The Bitcoin Price On A Tear?<\/h2>\n

The surge in the Bitcoin price is inspired by two themes, with the reports coming in the order as has been detailed here.<\/p>\n

    \n
  1. \n

    MicroStrategy Inspires FOMO In Voluminous Bitcoin Purchase<\/strong><\/h4>\n<\/li>\n<\/ol>\n

    First, MicroStrategy CEO Michael Saylor revealed that the business intelligence firm had added 3,000 BTC tokens to its portfolio, worth approximately $155 million.<\/p>\n

    \n

    MicroStrategy has acquired an additional 3,000 BTC for ~$155 million at an average price of $51,813 per #bitcoin<\/a>. As of 2\/25\/24, @MicroStrategy<\/a> now hodls 193,000 $BTC<\/a> acquired for ~$6.09 billion at an average price of $31,544 per bitcoin. $MSTR<\/a> https:\/\/t.co\/micudbYf3P<\/a><\/p>\n

    — Michael Saylor⚡️ (@saylor) February 26, 2024<\/a><\/p><\/blockquote>\n