Daily Crypto Signals: MicroStrategy’s Bitcoin Buying Spree and Hong Kong’s Bold BTC Proposal
On a historic day for the crypto market, MicroStrategy kept up its fast buying pace while Hong Kong mulled about including Bitcoin into their national reserves. These developments come amid technical analysis implying possible bearish trends in the price movement of Bitcoin.
Crypto Market’s Biggest Developments
MicroStrategy has kept its optimistic view of Bitcoin, acquiring 2,138 BTC for $209 million at an average price of $97,837 each coin. Selling 592,987 business shares, the company paid for this acquisition—its eighth weekly buy in a run. With MicroStrategy claiming an outstanding Bitcoin yield of 74.1% in 2024, this most recent addition raises MicroStrategy’s whole assets to 446,400 BTC.
Bitcoin Sees Bearish Trends
After rising to $108,353 on December 17, Bitcoin’s price behavior has displayed indicators of weakening. With the neckline hitting $92,000, technical analysts see a maybe bearish head-and-shoulders pattern. A break below this level might set off a fall to $79,500 for BTC/USD. Given markets expect President-elect Trump’s inauguration and certain analysts, like BitMEX co-founder Arthur Hayes, cautioning of possible market instability, the rise of the cryptocurrencies is especially noteworthy.
XRP’s Sell-Off Keeps Price Under Pressure
Declining 4.5% during the previous 24 hours, XRP XRP/USD has had a difficult spell relative to other top-10 cryptocurrencies. Technical indications point to ongoing negative pressure; the asset closes three consecutive bearish weekly candles for the first time since June 2024. While exchange reserves remain steady, suggesting modest spot purchasing demand, the negative financing rate of the bitcoin indicates growing interest in short bets.
Top Altcoins to Watch Today
Several major altcoins are showing notable price action:
- Ethereum ETH/USD is consolidating between $2,850 and $4,094, with bulls attempting to defend the uptrend line
- BNB BNB/USD is experiencing a tight battle between buyers and sellers near the $700 level
- Solana SOL/USD is being squeezed between its 20-day EMA of $200 and an uptrend line
- Cardano SOL/USD shows bearish pressure below its head-and-shoulders pattern neckline
- Avalanche (AVAX) indicates potential short-term topping, with critical support at $33.50
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