Yesterday, MicroStrategy, the renowned independent business intelligence enterprise, disclosed its financial results for the third quarter of its fiscal year 2023, which ended September 30, 2023.
MicroStrategy has consistently shown a deep interest in Bitcoin, further solidifying its position in the cryptocurrency world with an additional purchase of 6,067 bitcoins. This acquisition, amounting to $167 million, pegs the average cost at approximately $27,531 per Bitcoin. As of the time of writing, the company’s total bitcoin holdings have escalated to 158,400, with a cumulative investment of $4.7 billion, averaging at $29,586 per bitcoin.
Getting into the company’s financial health, MicroStrategy has reported a total revenue of $129 million for the third quarter, marking a 3% growth compared to the same period in the previous year.
Bitcoin has been undergoing a tug-of-war between the bulls aiming to push its value over $35,300, and the bears determined to pull it back, as observed on November 1. This indicates that some investors are taking profits when the price hits the higher levels.
The Relative Strength Index (RSI), a tool used to measure the speed and change of price movements, is still in the overbought territory. This situation hints at a possible continuation of the current consolidation phase for a few more days. Key price levels are now in the spotlight.
On the upper side, $35,300 is the crucial point to watch, as a breakout could signal a strong upward momentum. Conversely, the support level at $33,500 is equally important; a drop below this could lead to a decline towards the 20-day exponential moving average, positioned at $32,000.
In the event that the bulls triumph and the price surges past the overhead resistance at $35,300, it could pave the way for a continuation of the upward trend, potentially lifting the value of Bitcoin to the $40,000 mark. At the time of writing, Bitcoin is valued at $35,536.
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