- Bitcoin holds above $105,000 as institutional buying drives fresh confidence in the crypto market.
- Strive and Strategy increase Bitcoin holdings boosting investor sentiment and market stability.
- Technical data shows strong upside potential with Bitcoin eyeing resistance near $111,000.
Bitcoin rose above $105,000 on fresh institutional investor conviction. The rally came after the U.S government temporary shutdown resolution and increased anticipation of an interest rate reduction by the Federal Reserve. The mood of investors improved as companies started to invest more in Bitcoin, which indicated more confidence in the digital currencies.
Among the most prominent acquirers, Strive, a company supported by an entrepreneur, Vivek Ramaswamy, declared a purchase of Bitcoin worth $162 million. The company acquired 1,567 BTC with a mean price of $103,315 pushing its total investment to 7,525 BTC. The accumulation coincided with the debut of Strive’s Nasdaq-listed SATA shares after an oversubscribed IPO last week.
Strive’s Strategic Expansion and Leadership Holdings
Official filings showed that Vivek Ramaswamy expanded his ownership in Strive’s SATA stock. He acquired 15,625 additional shares, bringing his total direct and indirect holdings to 142.3 million shares. His assets are the ones in the Ramaswamy 2021 Irrevocable Trust.
Earlier, Strive acquired Semler in an all-stock deal, aiming to grow Bitcoin holdings and expand into healthcare diagnostics. Some of the high profile investors in Strive are Peter Thiel, JD Vance and Bill Ackman. Their presence indicates institutional confidence in the future of Bitcoin. Strive confirmed that its upcoming dividend distribution will be treated as a Return of Capital, offering favorable tax treatment to shareholders.
Strategy Expands Bitcoin Holdings Amid Rising Confidence
Adding to institutional accumulation, Strategy, led by Michael Saylor, purchased an additional 487 BTC worth $49.9 million. The average purchase price was $102,557. This latest acquisition increased Strategy’s total Bitcoin holdings to 641,692 BTC. Strategy acquired 196 Bitcoin in late September, which brought its total holdings to 640,031 BTC worth around $71.8 billion. The company’s total Bitcoin portfolio is valued at around $47.54 billion, with an average purchase price of $74,079. Strategy’s holdings have generated an estimated 26.1% net yield this year.
Bitcoin was trading close to $105,048 at press time, 2.4% up on the intraday. The price is underpinned by the growth of institutional exposure and hopes of more liquidity globally.
Technical Indicators Suggest Continued Upside
Technical analysis shows the probability of more gains being realized. The 12 hour chart of Bitcoin indicates that it is likely to breakout. The price is stable around the middle Bollinger band, with a good deal of consolidation and slight upward trend.
A prolonged close higher than $106,000 will drive Bitcoin to the next level of resistance that is at $111,584. The bullish setup is supported by the momentum indicators. MACD histogram exposes decreasing negative pressure, yet the MACD and signal lines are approaching a bullish crossover. The volume data also indicate the positive inflows when the delta is +595 BTC which indicates a further purchase interest.
With the trend intact, Bitcoin will have a short-term base established at a point higher than $104,000 and the price would be positioned to go up to a level of $112,000. Closer to $98,300 can however nullify this optimistic scenario.
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