Bitcoin

Stash

Spot

Divergence

In a testament to its unwavering confidence in Bitcoin (BTC), MicroStrategy, one of the largest Bitcoin holding companies, has once again <a href="https://www.newsbtc.com/bitcoin-news/microstrategys-bitcoin-portfolio-soars-past-5-billion-as-btc-holds-firm-at-34000/" target="_blank" rel="noopener ">expanded </a>its cryptocurrency portfolio.&nbsp; 
The company’s former CEO, Michael Saylor, <a href="https://x.com/saylor/status/1730226879125160426?s=20" target="_blank" rel="noopener nofollow">announced </a>the acquisition of an additional 16,130 BTC, valued at approximately $593 million. This strategic move comes as Bitcoin enters a phase of accumulation above the $37,000 mark. 
<h2 id="microstrategy-adds-to-bitcoin-stash">MicroStrategy Adds To Bitcoin Stash</h2> 
As announced, MicroStrategy’s <a href="https://www.newsbtc.com/bitcoin-news/microstrategy-expands-bitcoin-holdings-with-147-3-million-purchase/" target="_blank" rel="noopener ">latest purchase</a> was made at an average price of $36,700 per Bitcoin. With this acquisition, the company’s total Bitcoin holdings now stand at an impressive 174,530 BTC.&nbsp; 
Throughout 2023 and previous years, MicroStrategy has consistently demonstrated its commitment to BTC, accumulating a substantial amount of the cryptocurrency.&nbsp; 
The total cost of MicroStrategy’s Bitcoin investments exceeds $5.20 billion, with an <a href="https://www.newsbtc.com/news/bitcoin/microstrategy-bitcoin-strategy/" target="_blank" rel="noopener ">average purchase price</a> of $30,252 per Bitcoin. This significant investment reflects the company’s long-term bullish outlook on Bitcoin’s potential as a store of value and hedge against inflation. 
As <a href="https://www.newsbtc.com/news/bitcoin/microstrategy-4-6-billion-bitcoin/" target="_blank" rel="noopener ">reported </a>by NewsBTC, the company has reaped substantial gains from the recent uptrend in the overall cryptocurrency market and Bitcoin’s impressive price surge.&nbsp;With BTC experiencing a 36% increase since October, Microstrategy has now amassed over $1 billion in unrealized profits. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/w3bbXgTZ/" alt="Bitcoin " width="1815" height="858"> 
Notably, Bitcoin’s positive performance has directly impacted Microstrategy’s stock, traded under the ticker name MSTR. The stock has witnessed a significant surge in value, closely tied to the ongoing bullish momentum of BTC.&nbsp; 
On November 9, as Bitcoin reached its previous yearly high of $38,000, the price of MSTR stock also soared to an all-time high (ATH) of $533 per share. This milestone further proves Microstrategy’s successful investment strategy over the past three years. 
<a href="https://www.newsbtc.com/bitcoin-news/microstrategy-to-sell-750-million-in-stocks/" target="_blank" rel="noopener ">Michael Saylor</a>, a prominent advocate for Bitcoin, has been a vocal proponent of the cryptocurrency, emphasizing its superior qualities compared to traditional fiat currencies.&nbsp; 
MicroStrategy’s continued accumulation of Bitcoin reinforces Saylor’s conviction in its long-term prospects and serves as a testament to the company’s belief in the digital asset’s store-of-value properties. 
<h2 id="potential-for-short-term-pullback-looms">Potential For Short-Term Pullback Looms</h2> 
In a recent market <a href="https://x.com/IT_Tech_PL/status/1730190974037397801?s=20" target="_blank" rel="noopener nofollow">update </a>by the CryptoQuant author IT Tech, short-term insights on the Bitcoin derivatives market shed light on the current upward momentum and the potential for a minor pullback.&nbsp; 
According to the analysis, the ongoing upward momentum in the Bitcoin market heavily relies on perpetual movement. The rising price of Bitcoin has been a key driving force, contributing to the bullish sentiment.&nbsp; 
However, the Crypto Volatility Divergence (CVD) Spot indicator suggests a relatively flat movement in spot demand. This indicates that a significant increase in immediate spot demand may not support the current price surge. 
In the absence of strong spot demand materializing in the market, IT Tech suggests a possible minor pullback in the near term.&nbsp; 
This potential pullback could be attributed to several factors, including profit-taking by traders or a lack of sustained buying pressure from spot investors. 
<img loading="lazy" decoding="async" class="size-large wp-image-563295" src="https://www.newsbtc.com/wp-content/uploads/2023/11/GALfZ1PWMAA3YbE.jpeg?w=860&amp;resize=860%2C465" alt="Bitcoin " width="860" height="465" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/GALfZ1PWMAA3YbE.jpeg?w=960 960w, https://www.newsbtc.com/wp-content/uploads/2023/11/GALfZ1PWMAA3YbE.jpeg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/GALfZ1PWMAA3YbE.jpeg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/GALfZ1PWMAA3YbE.jpeg?w=860&amp;resize=860%2C465 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/GALfZ1PWMAA3YbE.jpeg?w=750 750w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
The analysis also highlights the possibility of Bitcoin liquidations in the short term, which could indicate further upward movement to liquidate late short positions.&nbsp; 
This suggests that additional buying pressure may be from those who have taken short positions on Bitcoin. As these shorts are liquidated, it could continue the upward trend. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/sUzjQgZb/" alt="Bitcoin" width="1814" height="858"> 
As of the latest update, Bitcoin (BTC) is trading at $37,600, showing a slight decrease of 0.5% over the past 24 hours. However, it has maintained a gain of 1.5% over the past seven days, indicating a period of consolidation for the cryptocurrency 
Featured image from Shutterstock, chart from TradingView.com&nbsp;

MicroStrategy Boosts Bitcoin Holdings With $590 Million Purchase, Totaling 174,530 BTC

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