Bitcoin Price Prediction as BTC Bounces Off $25,000 Support – Here are Key Levels to Watch
In the dynamic realm of cryptocurrency, Bitcoin (BTC) continues to capture attention as it showcases a rise of over 0.50%, reaching $26,133 on Sunday. Notably, the support at $26,000 appears to have effectively prevented further losses for the cryptocurrency.
Furthermore, the prominent entity MicroStrategy is contending with substantial unrealized losses amounting to $600 million due to the recent slumping of the Bitcoin price.
MicroStrategy Inc, the main company holding Bitcoin, suffered a significant setback with over $600 million in unrealized losses due to the recent price drop to around $25,000.
The software company invested $4.5 billion to acquire over 150,000 Bitcoins, resulting in an average cost of around $29,970 per Bitcoin.
This price drop of 11% in three days from the August 16 peak of over $29,000 marks MicroStrategy's first bout of red in Bitcoin holdings since June.
Despite these losses, the company, led by its ardent proponent of Bitcoin, Michael Saylor, remains steadfast in its conviction.
Saylor, who champions Bitcoin as "digital gold," guides the firm's acquisition strategy and reiterates the decision to retain their holdings.
MicroStrategy's stock (MSTR) reflects a year-to-date gain of 132%, although it has faced a 14.49% dip in the past five days, according to Tradingview data.
Concurrently, the broader market trend shows a decline in Bitcoin holders' profit by over 10%, accompanied by a drop in Bitcoin's value, reducing the percentage of profitable supply from 73% to 60% in a week, as per Glassnode's data.
MicroStrategy Inc's sizable unrealized losses from the Bitcoin price decline could introduce a note of caution among investors, possibly amplifying market volatility and impacting Bitcoin's valuation
Read more on cryptonews.com
