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Crypto Writer
Arslan Butt
Crypto Writer
Arslan Butt
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Bitcoin (BTC) reached $106,533 this week, fueled by bullish sentiment surrounding institutional buying and strategic reserve proposals. MicroStrategy, led by CEO Michael Saylor, disclosed its latest purchase of 15,350 BTC for $1.5 billion, marking its first buy above $100,000 per coin.
The purchase brings MicroStrategy’s total Bitcoin holdings to 439,000 BTC, worth over $45 billion, with unrealized profits nearing $18 billion. This aggressive acquisition reinforces institutional confidence and adds upward momentum to Bitcoin’s rally.
Saylor’s bold strategy of using debt financing to expand holdings—targeting an additional $42 billion by 2028—positions MicroStrategy as the largest corporate BTC holder.
Growing Institutional Confidence Bolsters Bitcoin Rally
MicroStrategy’s consistent accumulation signals a strong belief in Bitcoin’s future as a digital store of value. This, coupled with bullish policies under President-elect Trump, including speculation about a U.S. Bitcoin reserve, has strengthened market confidence.
Analysts suggest such institutional backing could propel Bitcoin toward the next resistance levels at $108,000 and $110,000.
However, critics argue MicroStrategy’s reliance on Bitcoin exposes the company to significant downside risk during market corrections. While this strategy attracts scrutiny, supporters view Saylor’s vision as a transformative bet on Bitcoin’s long-term dominance.
Daily Technical Outlook: Bitcoin (BTC/USD) – December 17
Bitcoin (BTC/USD) continues to hold its bullish momentum, currently trading at $106,520, up 1.74% in the last 24 hours. The price is supported by an ascending channel, with immediate support at $105,535 and next support at $104,430 near the 50 EMA.
If the bullish trend persists, Bitcoin faces immediate resistance at $107,217, followed by stronger hurdles at $108,466 and $109,531.
The 50 EMA, sitting at $104,390, reinforces Bitcoin’s upward trendline, offering a critical area for buyers to defend. Additionally, the Relative Strength Index (RSI) is trending at 63, suggesting the market retains buying strength but remains below overbought conditions.
A sustained move above $107,217 could pave the way for further gains, driving Bitcoin toward its next significant resistance zones. However, a break below $105,535 may trigger minor corrections.
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STARS Presale Raises Over $19.3M – Only 3 Days Left to Join!
Crypto All-Stars ($STARS) is revolutionizing staking for meme coin enthusiasts with its innovative MemeVault platform, offering up to 157% APY on tokens like $DOGE, $SHIB, and $PEPE.
The platform simplifies staking while delivering substantial rewards, driving massive investor demand as the launch nears.
With the presale now surpassing $19,313,282.55, only 3 days remain for investors to join early. Secure your tokens at the current presale price of $0.0016782 before $STARS officially hits the market.
Key Details for Investors
- Presale Raised: $19,313,282.55 and climbing.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
