Bitcoin Price Rallies above $19,000 As Investors Target $20k

News / 06.12.2020

Bitcoin embarked on a rally in the last 24 hours after facing a correction and dipping below a key support level. Over the past week, Bitcoin has failed multiple times to surpass the $19,500 resistance level as it looks to make the next push in the bullish run.

Most buyers have been waiting for the leading coin to make a breakout rally, but it has largely followed swing trading. Sellers have taken advantage of this and made significant profits, which led to a dip in its price.

On Friday, Bitcoin dropped below $19,000 and hit its support level of $18,500 as traders sold off their stacks. However, over the last 24 hours, there has been a resurgence in the price of BTC.

At the time of publication, BTC is trading around $19,000, with major technical indicators suggesting a bullish run.  There has been an increase in buy orders within this period, and Bitcoin is expected to test the $19,500 mark in the coming days.

MicroStrategy Buys $50 Million Worth of Bitcoin

The current positive sentiments from Investors regarding Bitcoin are evident from the recent developments in the blockchain space. Investment firm MicroStrategy confirmed yesterday that it had purchased 2,574 bitcoins for $50 million.

This latest purchase takes the total portfolio of Bitcoin held by the company to approximately 40,824 bitcoins. Microstrategy is regarded as one of the biggest holders of Bitcoin. It initially bought $250 million worth of Bitcoin in August and followed it with an additional $175 million worth of BTC a month later.

This latest purchase, according to MicroStrategy CEO Michael Saylor is part of its reserve policy. He further stated that Bitcoin is the most rational asset for storing value globally.

It is not surprising that MicroStrategy has chosen to purchase more Bitcoins. Bitcoin’s bullish run in 2020 has been one of the remarkable moves in the financial space. The leading coin went from lows of $3,800 in March before setting an all-time high of $19,750 in November. Investors are increasingly optimistic that Bitcoin will finally surpass the $20,000 mark before the end of the month.

Olowoporoku Adeniyi is a blockchain enthusiast and crypto evangelist. Currently he loves all things crypto and covers happenings within the blockchain space.