Cryptocurrencies have experienced double-digit losses due to Bitcoin’s price drop starting at $108,000. Nevertheless, one of the largest Bitcoin 
$96,002 supporters is not giving up and is taking further action.
Recent Bitcoin Developments
MicroStrategy recently announced the acquisition of an additional 5,262 BTC at an average price of $106,662, totaling a value of $561 million. Bitcoin was at satisfactory levels early last week but lost ground rapidly following Powell’s speech. However, rather than selling off, MicroStrategy continues to purchase BTC at six-figure prices.
Michael Saylor shared the following on his account;
“MicroStrategy purchased ~5,262 BTC for ~ $106,662 each, yielding a QTD return of 47.4% and YTD return of 73.7%. As of 22.12.24, we hold ~444,262 BTC worth approximately $27.7 billion at an average price of ~ $62,257 per Bitcoin.”
The typical outcome of such announcements usually leads to a price drop. BTC fell to $96,000 and the purchase by MSTR triggered another short-term decline. However, historical data shows that the points where the company made purchases have often served as significant support levels, suggesting that $106,000 may soon become a new support level.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
