Originally published on: December 02, 2024
Bitcoin made significant gains at the Wall Street open on December 2 thanks to an influx of investments from business intelligence firm MicroStrategy. The digital currency saw an increase of over $2,000 in just two hourly candles, marking a positive shift in the market.
Unlike its usual reaction, BTC/USD surged after MicroStrategy disclosed its nearly $1.5 billion expenditure on bolstering its Bitcoin reserves. This move was confirmed by CEO Michael Saylor through a filing with the United States Securities and Exchange Commission.
According to onchain analytics platform CryptoQuant’s founder and CEO, Ki Young Ju, MicroStrategy has been on a BTC buying spree, spending a total of $13.5 billion on 149,900 BTC and increasing its holdings by $21.5 billion in just 30 days.
Additionally, trading firm QCP Capital highlighted Saylor’s upcoming presentation to Microsoft’s board on December 10, proposing the addition of Bitcoin to the tech giant’s balance sheet. This development could serve as a catalyst for Bitcoin to reach the $100,000 milestone by the end of the year.
At the time of writing, BTC was hovering around $96,000, inching closer to the significant $100,000 mark. Traders remained optimistic about the future, with eyes set on reaching this key price level.
Popular trader Roman pointed out a positive corrective trend in BTC’s price action, referring to the RSI indicator which was nearing the oversold level of 30 on hourly timeframes.
It’s important to note that this article does not offer investment advice. Readers are advised to conduct their own research before making any financial decisions.
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