Get the latest news of bitcoin or cryptocurrency ups and downs or profit and loss. Read our latest cryptocurrency magazine here. Business intelligence company MicroStrategy used the $650 million it had recently raised through convertible bonds to buy more Bitcoin. The firm’s CEO, Michael Saylor tweeted that the company had purchased 29,646 Bitcoin at a rate of $21,925. This takes MicroStrategy’s holding to 70,470 Bitcoin, worth about $1.125 billion.

Some institutional investors are selling their gold to buy Bitcoin. Christopher Wood, global head of equity strategy at Jefferies, has sold 5% of his gold position to buy Bitcoin. Wood said that any pullback will be used to buy more Bitcoin. The purchases by institutional investors show their confidence in Bitcoin. However, it is unlikely that the institutions will continue buying if Bitcoin’s rally turns vertical. They may wait for a correction to get in.

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HOW THE BLOCKCHAIN REVOLUTION CAN WORK FOR YOU – THE QUIVERX
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THE WISE TOKEN – THE BEST WAY TO EARN CRYPTO!

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HOW CLIQ TOKEN AND SPOTTR APP CAN HELP YOU TO GROW YOUR WEALTH

We had recommended aggressive traders to buy Bitcoin in our previous analysis if it stayed above $20,000 for a few hours. That trade triggered on December 16 when the price picked up momentum after crossing $20,000, as we had anticipated. The biggest cryptocurrency hit a high of $24,300 on December 20. Traders who use a trailing stop could have closed their positions with a handsome profit on December 21 when the price corrected sharply.

Bitcoin’s trend remains up as the bulls continue to buy even on minor dips as seen from the long wick on the December 21 candlestick. However, the inside day candlestick pattern today shows indecision among the bulls and the bears. If the bulls can push the price above $24,000, the BTC/USD pair could start the next leg of the up-move that may reach $28,633.84. However, such a move will suggest that traders are piling in because of FOMO.

Usually, such phases end with a sharp correction. Therefore, we suggest traders stay on the sidelines if the price moves up from the current levels. Another possibility is that the price drops to the 20-day EMA or $20,000. Such a move will improve the risk to reward ratio and could offer a buying opportunity f $20,000 proves to be a strong support. Contrary to these bullish projections, if the price breaks and sustains below $20,000, it will suggest that a short-term top may be in place.

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