Daily Crypto Signals: MicroStrategy’s Bitcoin Buying Spree and Hong Kong’s Bold BTC Proposal

On a historic day for the crypto market, MicroStrategy kept up its fast buying pace while Hong Kong mulled about including Bitcoin into their national reserves. These developments come amid technical analysis implying possible bearish trends in the price movement of Bitcoin.

Daily Crypto Signals: MicroStrategy's Bitcoin Buying Spree and Hong Kong's Bold BTC Proposal
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MicroStrategy has kept its optimistic view of Bitcoin, acquiring 2,138 BTC for $209 million at an average price of $97,837 each coin. Selling 592,987 business shares, the company paid for this acquisitionβ€”its eighth weekly buy in a run. With MicroStrategy claiming an outstanding Bitcoin yield of 74.1% in 2024, this most recent addition raises MicroStrategy’s whole assets to 446,400 BTC.

Bitcoin Sees Bearish Trends

BTC/USD

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After rising to $108,353 on December 17, Bitcoin’s price behavior has displayed indicators of weakening. With the neckline hitting $92,000, technical analysts see a maybe bearish head-and-shoulders pattern. A break below this level might set off a fall to $79,500 for BTC/USD. Given markets expect President-elect Trump’s inauguration and certain analysts, like BitMEX co-founder Arthur Hayes, cautioning of possible market instability, the rise of the cryptocurrencies is especially noteworthy.

XRP’s Sell-Off Keeps Price Under Pressure

XRP/USD

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Declining 4.5% during the previous 24 hours, XRP XRP/USD has had a difficult spell relative to other top-10 cryptocurrencies. Technical indications point to ongoing negative pressure; the asset closes three consecutive bearish weekly candles for the first time since June 2024. While exchange reserves remain steady, suggesting modest spot purchasing demand, the negative financing rate of the bitcoin indicates growing interest in short bets.

Top Altcoins to Watch Today

SOL/USD

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Several major altcoins are showing notable price action:

  • Ethereum ETH/USD is consolidating between $2,850 and $4,094, with bulls attempting to defend the uptrend line
  • BNB BNB/USD is experiencing a tight battle between buyers and sellers near the $700 level
  • Solana SOL/USD is being squeezed between its 20-day EMA of $200 and an uptrend line
  • Cardano SOL/USD shows bearish pressure below its head-and-shoulders pattern neckline
  • Avalanche (AVAX) indicates potential short-term topping, with critical support at $33.50
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ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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