Bitcoin Price Hits $60k as MicroStrategy Invests another $1 Billion

Bitcoin Price Analysis:

Bitcoin price crossed the $59,700 mark on Sept 13, amid a confluence of multiple bullish news events involving, major cryptocurrency stakeholder,  Microstrategy, and US monetary policy authorities.

Bitcoin Price Grazes $60k amid Triple Bullish Catalyst

Following the sluggish start to the month, Bitcoin snapped out of its downtrend around Sept 6, after US Non-Farm Payrolls reports showed dovish figures. But in the last 24-hours the rally has entered second-gear, signaling a major breakout ahead of the next FOMC meeting slated for Sept 17.

The chart below shows how Bitcoin’s initial 10% rally between Sept 6 and Sept 10 was repeled at the $57,900 level.

But as fresh bullish catalysts emerged, BTC price has now shrugged up that correction, as it advanced to a new monthly time frame peak of $59,762 at the time of publication on Friday, Sept 13.

Recent markets reports show Bitcoin latest price rally may be closely-linked to MicrtoStrategy’s latest BTC haul.

Microstrategy Purchases another $1B Worth of BTC

On Friday Sept 13, US-based IT firm, Microstrategy further doubled-down on its Bitcoin strategy, with another 18,300 BTC purchase. This comes just days after CEO, Michael Saylor made a bold perdiction that Bitcoin could reach $13 million per coin by 2024.

In a press release on Friday, Sept. 13, MicroStrategy announced the acquisition of an additional 18,300 bitcoins for $1.11 Billion at an average price of $60,408 per BTC. According to the official regulatory filings, the acquisition occurred between Aug. 6 and Sept. 12.

With this latest $1.11 billion haul, the Virginia-headquartered company’s total BTC holdings have reached 244,800 BTC, worth $14.63 billion. Notably, which were acquired for an average purchase price of around $38,585 per BTC, inclusive of fees and expenses.

Notably, MicroStrategy now holds 54% unrealized profits worth over $5.1 billion at the time of publication on Sept 13. Shares of MicroStrategy rose 0.3% in pre-market trading following the news, according to Nasdaq data.

BTC Price Forecast: 61.9k Resistance Looms Large

Historically, Bitcoin price has often rallied in the days after MicroStrategy’s BTC purchases. With the firm now controlling over 1% of the total Bitcoin supply in circulation, the bullish impact of its latest $1.11 billion purchase could become even more pronounced.

More so, with investors anticipating a rate cut decision during the Sept 17/18 FOMC meeting, BTC price is poised for more upside in the days ahead.

However, multiple active bullish catalysts, historical accumulation trends suggest BTC now faces major roadblock ahead.

Bitcoin price faces major resistance zone between $59,450 and $61,190, as highlighted by IntoTheBlock’s In/Out of the Money data, depicted above.

In this range, 668,330 BTC is held by 1.35 million addresses, potentially creating selling pressure if Bitcoin’s price approaches $61,190. If BTC manages to break through this resistance, the next upward target could be significantly higher.

On the downside, support is evident between $57,638 and $59,378, where a cluster of buy orders may prevent further declines.