Get the latest news of bitcoin or cryptocurrency ups and downs or profit and loss. Read our best cryptocurrency magazine here. The list of institutions investing in Bitcoin continues to grow. Massachusetts Mutual Life Insurance Co. recently purchased $100 million worth of Bitcoin and also took a $5 million stake in NYDIG. As insurance companies adopt a conservative approach to investing, this purchase assumes greater significance.

While most institutions are taking small bets on Bitcoin, business intelligence firm, MicroStrategy has not only gone all in, it will even borrow money and invest in Bitcoin. The firm has raised $650 million in convertible bonds at 0.75% interest per year. The company said that after calculating working capital requirements and other general uses, the rest of the capital will be used to buy Bitcoin.

OUR BLOG ARTICLES FOR THIS SPECIAL ISSUE ARE:

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

HOW THE BLOCKCHAIN REVOLUTION CAN WORK FOR YOU – THE QUIVERX
APPLICATION

&

THE WISE TOKEN – THE BEST WAY TO EARN CRYPTO!

Bitcoin broke below the pennant formation on December 8, which shows that the bears overpowered the bulls. The price also dipped below the 20-day EMA on December 11 but instead of panicking and dumping their positions, the bulls purchased this dip. This shows that traders are waiting for dips to accumulate.

The BTC/USD pair soared back above the 20-day EMA on December 12, which attracted further buying. Currently, the bulls are attempting to push the price to the $20,000 psychological resistance. This level may prove to be a tough nut to crack as the bears are likely to mount a strong defence.

If the price turns down from $20,000 but does not fall below $19,500, it will suggest that traders are not closing their positions in a hurry. Such a move will improve the possibility of a breakout above $20,000. If that happens, it will cause FOMO among traders who have not participated in the rally and the momentum could pick up. Aggressive traders can buy after the price sustains above $20,000 for a few hours and keep a close stop-loss. This is a breakout trade. Hence, after the price rises above $20,000, it should not fall and sustain back below this level. If it does, then it will be a bull trap.

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