Bitcoin Price Analysis: As MicroStrategy Buys The Dip With Another $5.4 Billion BTC, Experts Say This Latest ICO Might Be The Best Crypto To...

Bitcoin Price Fluctuates Amid Market Correction

Over the past 24 hours, Bitcoin's price has experienced a significant drop of 5%, trading at $93,512 as of 02:21 a.m. EST. This decline comes after a notable surge in trading volume, which increased by 94% to $120 billion.

MicroStrategy's Bitcoin Acquisition

On Monday, MicroStrategy announced the acquisition of an additional 55,000 BTC for $5.4 billion between November 18 and November 24. With this latest purchase, the company now possesses approximately 386,700 BTC, valued at a total cost of $21.9 billion. The average acquisition cost per BTC stands at $56,761.

Bitcoin Price Correction

After a rapid increase in November, Bitcoin's price has entered a cooling-off phase. According to data from GeckoTerminal, the price has breached the lower boundary of a rising channel pattern, indicating a potential correction.

Technical Indicators

The price of Bitcoin has fallen below its 50-day Simple Moving Average (SMA), but remains above the 200-day SMA, providing some bullish momentum. Additionally, the Relative Strength Index (RSI) has dropped towards the 30-oversold region, confirming the current correction.

Potential Support and Resistance Levels

If the correction persists, Bitcoin's price could decline further, with the 200-day SMA serving as potential support at $80,778. Conversely, if the price remains above the 200-day SMA, investors may continue to buy the asset, with the 100,000 resistance level as a potential target.