MicroStrategy Acquires 2,138 Bitcoin for $209M between Dec. 23 and Dec. 29

MicroStrategy acquired 2,138 Bitcoin for $209 million between Dec. 23 and Dec. 29 at an average price of $97,837 per BTC

Bitcoin intelligence platform Cointelegraph Markets Pro and TradingView both showed that BTC/USD rose to hit a high of $43,273 on Bitstamp during the Jan. 6 Wall Street open.

The pair had been circling the $42,000 mark throughout the week, having bounced strongly from seven-week lows of $39,600 on Jan. 2. Now, however, bulls were finally making their presence felt.

“Bitcoin price action finally showing some signs of life. A close above $42.2K would put the bulls back in the driver's seat,” popular trader Credible Crypto summarized in part of his latest Twitter commentary.

Credible Crypto had previously warned that a failure to hold support at $39,600 could lead to further losses toward $35,000.

Among those reacting to the latest gains was fellow trader and analyst TechDev. In a separate tweet on Jan. 6, he highlighted the strength of BTC price action on lower timeframes.

“Bitcoin 5m looks bullish; however, be aware that lower timeframes tend to get manipulated more easily,” part of his commentary reads.

TechDev added that he was watching for a “clear HTF bullish structure” to confirm the rally.

Bitcoin price 1-hour candle chart (Bitstamp). Source: TradingView

As Cointelegraph reported, the start of 2023 brought a downturn in Bitcoin price performance after a record-breaking 2022. At the time of writing, BTC/USD was still down 18% year-to-date.

Despite the H1 2023 lows, however, bullish sentiment remained palpable among hodlers.

“The recent Bitcoin price action has been bullish on lower timeframes, but keep in mind that manipulation is more common on smaller TFs,” Credible Crypto added in a later update.

“Personally, I'm still waiting for a clear bullish structure on the HTFs to get fully bullish.”