Bitcoin Starts Rally as MicroStrategy Announces BTC Buy

Bitcoin Starts Rally as MicroStrategy Announces BTC Buy
  • Bitcoin price is rallying toward the $40,000 psychological resistance level.
  • The upward price movement is due to India’s announcement that it will not ban crypto.
  • MicroStrategy also purchased an additional 660 bitcoins.

Christmas appears to have come very early, as Bitcoin price is rallying after a prolonged downtrend. In fact, Bitcoin is now flirting with the $40,000 psychological resistance level after dipping as low as $32,000 in the last week.

BTC/USDT 1-day chart (source: TradingView)

As we can see in the chart above, Bitcoin is now reclaiming its previous bullish positions in a convincing manner. From a dip of as low as $32,000, Bitcoin price has reached as high as $32,250 at the time of writing.

If this momentum continues, Bitcoin price might find itself challenging the $43,000 and $48,000 resistance levels soon. However, time will tell if the bulls have enough fuel for the uphill battle.

One catalyst of the price rally is India’s announcement that it will not be banning cryptocurrencies after all. Furthermore, MicroStrategy CEO Michael Saylor revealed that the company purchased 660 bitcoins.

Saylor also said that they purchased the bitcoins at an average price of $37,865 per piece. With the current BTC price, the company would have made a profit. Currently, the company holds up to 125,051 bitcoins.

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