{"id":179498,"date":"2023-10-23T20:29:12","date_gmt":"2023-10-23T14:59:12","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=179498"},"modified":"2023-10-23T20:29:12","modified_gmt":"2023-10-23T14:59:12","slug":"microstrategys-bitcoin-stash-is-back-in-profit-with-btc-price-above-30k-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/microstrategys-bitcoin-stash-is-back-in-profit-with-btc-price-above-30k-crypto-news\/","title":{"rendered":"MicroStrategy’s Bitcoin stash is back in profit with BTC price above $30K – Crypto News"},"content":{"rendered":"

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MicroStrategy’s Bitcoin (BTC<\/a>) holdings have turned profitable for the first time since July this year as the BTC price has broken through above $30,000<\/a>.<\/p>\n

MicroStrategy up $132M in paper profits<\/h2>\n

As of Oct. 23, MicroStrategy held\u00a0158,245 BTC worth $4.847 billion, up about $132 million from the original amount invested \u2014 at an average rate of\u00a029,870 per BTC. In other words, the firm is now up at least $130 per coin.<\/p>\n

MicroStrategy Bitcoin holdings as of Oct. 23. Source: BlockchainCenter.Net<\/em><\/figcaption><\/figure>\n

MicroStrategy started buying Bitcoin<\/a> in 2020. The firm ramped up purchases in 2023 as BTC’s price recovered from extreme losses caused by the Federal Reserve’s rate hike policy<\/a> and high-profile crypto bankruptcies and implosions<\/a>.<\/p>\n

In September 2023, MicroStrategy acquired 5,444 BTC by raising an equivalent amount of capital, mirroring the approach that saw the firm buying approximately 12,333 Bitcoin<\/a> by raising funds earlier this year.<\/p>\n

Michael Saylor, the co-founder and chairman of MicroStrategy, shared data<\/a> showing Bitcoin’s outperformance versus traditional assets since the company adopted its cryptocurrency-buying strategy in August 2020. <\/p>\n

Bitcoin vs. S&P 500, Nasdaq, Gold, Silver, and Bond returns since August 2020. Source: Michael Saylor\/X<\/em><\/figcaption><\/figure>\n

Will Bitcoin price rise further into 2024?<\/h2>\n

Since May 2022, Bitcoin has failed to establish a clear bullish momentum after crossing $30,000. This scenario may repeat in the coming weeks. This, in turn, risks pushing MicroStrategy’s BTC investment below its average buying price once again.<\/p>\n

BTC\/USD daily price chart. Source: TradingView<\/figcaption><\/figure>\n

More downside cues come from Bitcoin’s\u00a0daily relative strength index<\/a> (RSI), now at its most overbought levels since January 2023. As a rule of technical analysis, an overbought RSI (above 70) could prompt BTC price to drop or consolidate sideways.\u00a0<\/p>\n

A correction scenario will see Bitcoin’s price head toward its 50-day exponential moving average (50-day EMA; the red wave) near $27,720 in November, down about 10% from current levels. <\/p>\n

Conversely, maintaining and confirming $30,000 as the new support level will open the door toward the next big resistance area at $32,000 \u2014 a level not seen since May 2022.<\/p>\n

Related:\u00a0How high can Bitcoin price go by 2024?<\/a><\/em><\/strong><\/p>\n

From a fundamental perspective, a potential Bitcoin exchange-traded fund (ETF) approval in the U.S. serves as a strong bullish backdrop, according to CryptoQuant. It\u00a0notes<\/a> that the approval of a Bitcoin ETF can boost the Bitcoin market’s net capitalization by $155 billion.<\/p>\n

In turn, the price of each Bitcoin would hit $50,000-73,000 in 2024, which would certainly become a boon for MicroStrategy, though the firm says it will stay on its BTC course<\/a> even if the Bitcoin ETF get the green light.\u00a0<\/p>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

MicroStrategy’s Bitcoin (BTC) holdings have turned profitable for the first time since July this year as the BTC price has broken through above $30,000. MicroStrategy up $132M in paper profits As of Oct. 23, MicroStrategy held\u00a0158,245 BTC worth $4.847 billion, up about $132 million from the original amount invested \u2014 at an average rate of\u00a029,870 […]<\/p>\n","protected":false},"author":2,"featured_media":179499,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-179498","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/179498","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=179498"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/179498\/revisions"}],"predecessor-version":[{"id":179501,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/179498\/revisions\/179501"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/179499"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=179498"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=179498"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=179498"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}