Thursday, April 18, 2024

Bitcoin Eyes $69,000 as MicroStrategy Plans for More Buyouts.

Four key factors could cause the price of bitcoin (BTC) to rise quickly following its most recent all-time high. Fear of missing out (FOMO) among retail holders is still being driven by the spot Bitcoin exchange-traded funds (ETFs) theme, the impending BTC halving, and massive purchases by major holders.

MicroStrategy advances on plans to absorb more Bitcoin

One of the world’s biggest Bitcoin (BTC) holders, MicroStrategy, announced on March 5th that it will be absorbing further BTC. Michael Saylor, the CEO of the company, brought up a planned $600 million convertible senior note private offering.

Less than 48 hours later, Saylor revealed that the plans had progressed and provided information on the offering’s price.

The report’s highlights are as follows:

  • The offering was increased from the $600 million that had been previously disclosed to $700 million.
  • The notes will be offered for sale in a private offering to individuals who are deemed to be eligible institutional purchasers.
  • Access is granted to initial purchasers for a period of 13 days, starting from the day the notes were originally issued and ending on that date.
  • March 8, 2024, is the anticipated closing date of the offering, assuming all usual closing requirements are met.
  • The notes will be senior, unsecured obligations of MicroStrategy, due semi-annually, with an interest rate of 0.625% annually.
  • The anticipated nett revenues from the notes’ sale will be roughly $684.3 million. This will be applied to general business needs as well as the purchase of more Bitcoin.

The most noteworthy aspect of the statement was the company’s dramatic $100 million increase in the total principle amount. Although this came as a surprise, it is not altogether surprising given the company’s strong preference for and optimism about bitcoin.

Saylor bought more Bitcoin in January by selling $216 million worth of the company’s stock, MSTR. With this level of Bitcoin optimism, the company is gradually moving in the direction of being included in the S&P 500.

The price of bitcoin may retest $69,000.

As long as there remains confidence in the cryptocurrency industry, the price of bitcoin may cross $69,000 once more. “The probability of Bitcoin topping $69k twice is very low,” according to @Coinmamba, an expert on X, who also notes that the pioneer cryptocurrency might break this roadblock during the next retest.

The most likely course of action would be to break through the all-time high of $69,325 set on March 5 and possibly approach the psychological barrier of $70,000. A shift of that magnitude would indicate a rise of about 5% above the present levels.

A further examination of the Relative Strength Index (RSI) indicates that following the indicator’s bounce around the 70 mark, purchasing momentum is increasing. The RSI may soon cross above the signal line’s yellow band if this trajectory continues. Given that this crossover is seen as a buy signal, it would revive the uptrend.

On the other hand, the price of Bitcoin can fall and retest the $65,000 mark if traders begin to profit from the surge. In the worst scenario, Bitcoin might plummet all the way to the psychological level of $60,000. Only then could it rise again.

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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