Bitcoin Witnesses Brief Uptick as Market Sentiment Remains Positive

• At the time of writing, Bitcoin is trading at $43,158, up 0.61% in the last 24 hours.
• If the price manages to go below $42,790 level then it will likely test $41,860 support level.

Under the leadership of CEO Michael Saylor, MicroStrategy yesterday spent an unprecedented $615.7 million to purchase 14,620 BTC, at an average price of $42,110 in December.

Renowned Bitcoin advocate Max Keiser explained Saylor’s lofty objective, which is at the heart of this and all earlier substantial transactions.

Bitcoin Accumulation Spree

Keiser claims that the corporation might control up to five percent of all Bitcoins due to its collateral seesaw approach, which involves issuing both stocks and debt issuance, as well as its smart Bitcoin acquisitions.

There has been a surge of anticipation and enthusiasm among investors after the revelation of MicroStrategy’s most recent Bitcoin acquisition. Santiment claims that the upbeat press about MicroStrategy and its ongoing Bitcoin accumulation has had a noticeable effect on market mood.

A few weeks before the expected approval of a spot Bitcoin ETF, the stock trading volumes of Bitcoin miner Marathon Digital have skyrocketed to the top of the list. Market data compiled by Yahoo Finance shows that the publicly listed company’s share volume topped $105 million in the previous 24 hours, surpassing even the equities of tech behemoths like Amazon, Tesla, and Apple.

At the time of writing, Bitcoin is trading at $43,158, up 0.61% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 2.27%. 

If the price manages to go below $42,790 level then it will likely test $41,860 support level. However, if the bulls force the price to climb above $43,780 level, then it will likely test $44,220 resistance level.