{"id":604713,"date":"2024-11-26T12:45:33","date_gmt":"2024-11-26T12:45:33","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=604713"},"modified":"2024-11-26T12:45:33","modified_gmt":"2024-11-26T12:45:33","slug":"bitcoin-price-analysis-as-microstrategy-buys-the-dip-with-another-5-4-billion-btc-experts-say-this-latest-ico-might-be-the-best-crypto-to-buy-now","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-price-analysis-as-microstrategy-buys-the-dip-with-another-5-4-billion-btc-experts-say-this-latest-ico-might-be-the-best-crypto-to-buy-now","title":{"rendered":"Bitcoin Price Analysis: As MicroStrategy Buys The Dip With Another $5.4 Billion BTC, Experts Say This Latest ICO Might Be The Best Crypto To Buy Now"},"content":{"rendered":"

The Bitcoin price plunged 5% in the last 24 hours to trade at $93,512 as of 02:21 a.m. EST on trading volume that surged 94% to $120 billion.<\/span><\/p>\n

This follows MicroStrategy’s announcement on Monday that it acquired an additional 55,000 BTC for $5.4 billion between November 18 and November 24.<\/span><\/p>\n

With this latest purchase, the company now holds approximately 386,700 BTC, acquired at a total cost of about $21.9 billion, averaging $56,761 per BTC.<\/span><\/p>\n

Bitcoin Price Currently Undergoing A Correction<\/h2>\n

After what appears to be a parabolic rise in November, the Bitcoin price then went through a cool-off, as the bulls used the $90,000 support to push the price up through a rising channel pattern, according to data from GeckoTerminal<\/a>.<\/span><\/p>\n

The price of Bitcoin, however, has breached the lower boundary of the channel, suggesting that BTC is currently undergoing a correction.<\/span><\/p>\n

The current correction has pushed the price of Bitcoin to trade below the 50-day Simple Moving Average (SMA). However, the BTC price still trades above the 200-day SMA, which maintains some bullish prospects for the price of Bitcoin.<\/span><\/p>\n

Additionally, the Relative Strength Index (RSI) is also dropping towards the 30-oversold region, according to the BTC\/USD chart analysis on the 4-hour timeframe, currently at 37. This confirms the current price correction.<\/span><\/p>\n

If the correction continues, the price of Bitcoin could drop, with the 200-day SMA acting as next possible support at $80,778.<\/span><\/p>\n

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

Conversely, if the price remains above the 200-day SMA, investors may still buy the asset, with the next possible target for the bulls being the 100,000 resistance.<\/span><\/p>\n

Meanwhile, investors who are looking for diversification opportunities might consider the newly launched<\/span> Best Wallet (BEST)<\/span><\/a> presale.<\/span><\/p>\n

\n

🔥 The $BEST<\/a> token presale is officially live! 🔥<\/p>\n

For the next two weeks, this exclusive opportunity is only available to Best Wallet users, so take advantage while you can!<\/p>\n

Join the presale now and secure your tokens at a discounted price. 🚀<\/p>\n

Download the app! 📲… pic.twitter.com\/VItxcDHAoE<\/a><\/p>\n

— Best Wallet (@BestWalletHQ) November 11, 2024<\/a><\/p><\/blockquote>\n