Crypto Industry News:
MicroStrategy is a company that is investing in bitcoin on a record scale. According to the company's management, unrealized profits from this investment exceeded USD 1 billion. The increase in the value of Satoshi Nakamoto's cryptocurrency makes MicroStrategy's capital grow at an increasing pace. Will the company founded by Michael Saylor decide to continue investing in BTC? Well, MicroStrategy is betting on bitcoin and intends to take full advantage of the upcoming boom.
The cryptocurrency winter is ending, which is perfectly confirmed by the results of the cryptocurrency market in October. The increase in BTC from USD 27,000 to over USD 37,000 is the result of only 31 days of October. MicroStrategy is known for its numerous and frequent investments in Bitcoin. The company founded by Michael Saylor recorded an unrealized profit on its BTC investment worth USD 1.1 billion. Thanks to this, the value of the company's portfolio increased to USD 5.8 billion.
Michael Saylor is known for his support for Satoshi Nakamoto's cryptocurrency and he has become, in a way, one of the biggest promoters of the adoption of BTC. As you can see, the investment decisions of the former CEO of MicroStrategy were definitely profitable. The company currently holds 158,400 BTC. It is worth noting, however, that MicroStrategy focuses on bitcoin, which has resulted in regular investments over the last 3 years. The company regularly purchases BTC and will certainly continue this investment trend in 2024.
Technical Market Outlook:
Due to the Bearish Divergence between the price and the momentum on the H4 time-frame chart the BTC/USD pair made 8.88% correction and set the local low at the level of $34,671. The intraday technical support is seen at $34,671 and the intraday technical resistance is seen at $35,610 and $36,002. The next target for bulls is seen at the level of $40,000, but first the last week high located at $37,889 must be violated. The momentum has hit the extremely oversold market conditions on the H4 time frame chart, so the Bitcoin is ready to continue the up trend.
Weekly Pivot Points:
WR3 - $38,322
WR2 - $37,676
WR1 - $37,333
Weekly Pivot - $37,030
WS1 - $36,687
WS2 - $36,384
WS3 - $35,738
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The next target for bulls is seen at the level of $40,000. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.