{"id":600365,"date":"2024-11-19T09:23:07","date_gmt":"2024-11-19T09:23:07","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=600365"},"modified":"2024-11-19T09:23:07","modified_gmt":"2024-11-19T09:23:07","slug":"bitcoin-price-analysis-as-microstrategy-acquires-4-6-billion-in-btc-and-traders-buy-this-ico-with-a-402-staking-apy","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-price-analysis-as-microstrategy-acquires-4-6-billion-in-btc-and-traders-buy-this-ico-with-a-402-staking-apy","title":{"rendered":"Bitcoin Price Analysis As Microstrategy Acquires $4.6 Billion In BTC And Traders Buy This ICO With A 402% Staking APY"},"content":{"rendered":"

The Bitcoin price edged up a fraction of a percentage in the last 24 hours <\/span>to trade at $91,957<\/span><\/a> as of 02:17 a.m. EST on trading volume that surged 52% to $73.5 billion.<\/span><\/p>\n

This comes as MicroStrategy disclosed that it had acquired $4.6 billion worth of Bitcoin and revealed plans to raise $1.75 billion to bag more coins. The company now has 331,200 BTC purchased at an average price of $88,627, which means that the firm has over $13.7 billion in unrealized profits.<\/span><\/p>\n

Bitcoin Price Could Soar To A New High<\/h2>\n

The Bitcoin price is in a bullish trend, as indicated by the breakout above the neckline of the Inverse Head and Shoulders pattern around $65,000 and the steep upward movement that followed.<\/span><\/p>\n

The price of Bitcoin now trades well above both the 50-day and 200-day Simple Moving Averages (SMAs), which supports the bullish stance.<\/span><\/p>\n

Moreover, the Relative Strength Index (RSI) is in the overbought zone, currently at 76 (above 70), suggesting the price has seen significant upward momentum and might experience a short-term pullback or consolidation.<\/span><\/p>\n

The Moving Average Convergence Divergence (MACD) line (blue, 6193.67) is well above the signal line (orange, 5340.44), indicating strong bullish momentum. The MACD line (blue, 6193.67) is well above the signal line (orange, 5340.44), indicating strong bullish momentum.<\/span><\/p>\n

According to the BTC\/USD chart analysis on the 1-day timeframe, the Bitcoin price is currently on a sustained bullish trend. A continuation of this trend could see the price of Bitcoin soar even higher, as they target $100,000.<\/span><\/p>\n

\"Bitcoin
BTCUSD Chart Analysis Source: GeckoTerminal<\/figcaption><\/figure>\n

Conversely, an overextended RSI indicates that the BTC price is due for a correction. In this scenario, the price of Bitcoin could plunge back to the 50-day SMA at $71,367.<\/span><\/p>\n

Meanwhile, investors looking for alternatives may want to consider <\/span>Crypto All-Stars (STARS)<\/span><\/a>, an innovative new ICO that has raised over $4.3 million.<\/span><\/p>\n

According to 99Bitcoins, a prominent crypto channel on YouTube with over 706K subscribers, $STARS has the potential to soar 100X after its launch.<\/span><\/p>\n