Bitcoin was all fit and dandy in the last 48 hours; it was hitting close to $50K and was aiming strongly for the next resistance level of $51K in the line, but then something happened. Michael Saylor, the CEO of MicroStrategy, did announce the new acquisition of nearly 4000 Bitcoin acquired for $177 million at an average price of $45K a piece. Given this development, Bitcoin seems to have rejected the $51K approach. This resistance was a crucial thing for Bitcoin, and it was being termed as the final hurdle that Bitcoin needs to cross before opening up the venue for new all-time highs but sadly, it doesn’t seem to be happening anytime soon.
MicroStrategy’s New Bitcoin Acquisition Proved Negative for Price Value
If you are having a hard time factoring in what the new acquisition by MicroStrategy has to do with Bitcoin backing off from overcoming the resistance of $51K, let’s make it easier for you. The new acquisition of 4000 Bitcoin by Michael Saylor issued an instant correction to the market preceding in which Bitcoin feverishly backed down all the way to $48K, which has only to do with the correction factor. But this kickback of Bitcoin’s price made it difficult for the cryptocurrency to be able to catch up with the next resistance levels of $51K, and so just like that, the hope for a new bullish run or achieving an all-time high is almost gone.
The altcoin market, on the other hand, is doing pretty solid for itself, but given the market capitalization of the entire crypto market, a lot about the performance of the cryptocurrencies within the crypto market depends on what goes down with Bitcoin. In general, if things continue down this road and there is no uptick in either the price or performance of Bitcoin within the crypto market, then it is likely that the whole crypto market, including the altcoins, will have to endure some harsh corrections across the board.
This right there weighs into the volatility proposed by the crypto market; therefore, it is best for everyone if the current series of corrections for Bitcoin find an end and soon the cryptocurrency is allowed to soar and reach new all-time highs by overcoming its next resistance levels.