The largest public holder of Bitcoin is ready to scoop up more BTC. Based on MicroStrategy’s latest SEC filing, the firm is ready to acquire $500 million in BTC.

MicroStrategy, a publicly traded software company is currently the single largest corporate holder of Bitcoin. The firm has nearly 130,000 Bitcoin in its portfolio and a month after Saylor’s move from CEO to Executive Chairman, MicroStrategy is ready to buy more Bitcoin.

In a filing with the SEC on Friday, MicroStrategy revealed an agreement with investment bank Cowen & Co to sell $500 million in shares of its Class A common stock to raise funds for acquiring more BTC. The firm said, “We may use the net proceeds from this offering to purchase additional Bitcoin,” in the filing.

Phoenix Ashes, a crypto analyst and trader, argues that BTC’s recent price moves are impressive. The asset’s momentum is falling bit by bit. If Bitcoin holds steady above $20,700, a rally to $23,000 is likely.

Bitcoin price has not only swept key swing lows, as noted in last week’s articles, but it has also reached its first recovery level target.

traders believe Bitcoin bottom is in. The last parameter to be met is the weekly MACD crossover and there would be a third confirmation in the asset’s price rally. This marks a three-month long accumulation phase. Investors who scooped up Bitcoin in the last 90 days are likely to yield gains from the asset.

Day traders in the market have fully taken advantage of the RSI signal and have confidently breached both the 8-day exponential (EMA) and 21-day simple moving averages (SMA).

As per the last bullish thesis, a profitable target for the current uptrend rally is the 200-week moving average at $23,128. Traders should keep the invalidation point at the June 18 swing low at $17,622. Early evidence of an uptrend failure could be a closing candle below a triangle apex at $19,700.

Bitcoin hawkish on short term before further confirmations

farhan fazal

Sep 11 2022

Stop Loss -6.28%

Holding time 2d 22hr

20643.65

Entry price

19346.65

Stop loss price

1