Michael Saylor buys the dip with 7002 bitcoin purchase for $414 million; MicroStrategy owns more bitcoin than any other corporation in the world
- MicroStrategy Purchases Over $400M of Bitcoin
- Bitcoin/USD – Operation Save The Monthly Candle
- Ethereum/USD – Good Things To Come?
Michael Saylor’s MicroStrategy Buys The Dip!
On November 29th, 2021, Michael Saylor, the CEO of business intelligence firm MicroStrategy, announced that it invested another $414 million dollars into Bitcoin at an average of $59,187 per coin. The $414 million dollars came from MicroStrategy selling 571,001 shares of company stock at around $732 per share. This purchase was worth 7,002 Bitcoins and the company currently holds 121,044 Bitcoins altogether as this is not the first time MicroStrategy has invested in Bitcoin.
In August 2020, the firm made its first purchase of around $250 million, declaring it would adopt Bitcoin as its treasury reserve asset, and in all the company has invested about $3.57 Billion to acquire all its Bitcoin. Saylor has been asked in the past if he will ever eventually sell when enough profit is made, but he says that there are no plans as of now to sell the coin. He also stated that after his time as CEO he hopes the next CEO will be an advocate for Bitcoin.
BTC Daily Chart
BTC Monthly Chart
Bitcoin is still under the $59k weekly level that we have been battling with for the past couple of weeks and at the time of writing is currently about $58.4k. One chart worth mentioning that I have not posted in any of the other articles is the BTC monthly chart, particularly because this is a weekly newsletter and we tend to look at the daily and weekly time frames, but I think zooming out and looking at the monthly chart gives us a clearer picture. When zoomed out you can see that the monthly level at $58.8k is the most important level to reclaim, and right now that is what Bitcoin is trying to push over. If Bitcoin can manage to close over this level, I think we will have ourselves a bullish monthly retest/candle close. This monthly candle will close at 12 UTC.
Bitcoin Bull Scenario
Bitcoin closes over the Monthly support $58k and then continues to push up.
Bitcoin Bear Scenario
Bitcoin loses the daily support level of $55.8k, and then we look for the $50k -$53k level to hold.
ETH Daily Chart
ETH Weekly Chart
At the time of writing Ethereum is $4.7k and has shown more strength than Bitcoin once again this week. Ethereum has also managed to flip the daily level at $4.3k back into support. With Bitcoin pumping at the time of writing I believe today’s push will further propel Ethereum and keep it bullish. If Bitcoin can manage to give us a bullish close over the monthly support level, I think good things will come to Ethereum/USD.
Ethereum Bull Scenario
Ethereum maintains the $4.3k level and then pushes for new ATH’s.
Ethereum Bear Scenario
Ethereum loses the $4.3k level and the next level that I would anticipate as support would be the $4k level once again.