Bitcoin price nearly breached the $70,000 resistance on Wednesday due to the momentum created by the US CPI data report. According to the Bureau of Labor Statistics (LBS), inflation remained flat in May. This implies a positive trend backed by favorable economic factors that continue to defy continuing geopolitical tensions in Europe due to the Russia-Ukraine war and in West Asia due to the Israel-Hamas war.
MicroStrategy Explores $500M Via Convertible Note Offering
The largest corporate holder of Bitcoin, MicroStrategy has announced a special proposal, seeking to raise $500 million using a convertible senior note offering. According to the statement released by the company, the proceeds of the offering which is open to an additional $75 million will be used to “acquire additional Bitcoin and for general corporate purposes.”
MicroStrategy added in the statement that “the notes will be offered and sold to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act.”
The company continues to double down on its investment efforts in Bitcoin growing an already existing 214,400 BTC stack. Its Bitcoin holdings are now worth over $14.5 billion bought an average cost of $7.54 billion.
MicroStrategy Incorporated (MSTR) shares closed at $1,603 on June 12, up from $680 at the beginning of the year, according to Yahoo Finance.
Although Bitcoin price had decreased by 0.11% at the time of writing, its 24-hour trading volume was up 30% to $36 billion. The market cap also remained relatively unchanged mirroring the price at $67,830.
Bitcoin Price Analysis: Nurturing New Bullish Outlook
Bitcoin touched $70,000 after recovering from support at $66,000. A correction followed immediately allowing bulls to collect more liquidity at $67,000. This temporary downturn may have been caused by profit-taking and the lack of confidence among investors for a breakout above $70,000.
With the immediate support provided by the 200-day Exponential Moving Average (EMA) in purple on the chart, bulls have another chance to close the gap to $70,000.
A recently presented buy signal from the Moving Average Convergence Divergence (MACD) indicator backs a potential bullish outcome later this week. Traders will regain confidence if the blue MACD line holds above the orange signal line.
The next move above the 20-day EMA in blue, close to the previous day’s open could strengthen the bullish grip further.
Based on the Bitcoin price prediction carried out by a qualified team of analysts at CoinGape, other key milestones to look forward to are the breakout above $70,000 and the psychological hurdle at $72,000. Beating these two resistance levels successfully could launch Bitcoin into the next bull run eyeing $80,000 in the medium-term and $100,000 by year-end.
The post Bitcoin Price Ready To Skyrocket After MicroStrategy’s $500M Move To Buy BTC appeared first on CoinGape.
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