 Bitcoin jumps 2% on MicroStrategy buy with $100K BTC price in focus 
2024-12-02

Bitcoin BTCUSD gained at the Dec. 2 Wall Street open as a fresh round of buying by business intelligence firm MicroStrategy boosted markets.
Bitcoin embraces latest MicroStrategy purchases
Data from Cointelegraph Markets Pro and TradingView tracked BTC price gains of more than $2,000 over two hourly candles.
In contrast to its traditional reaction, BTCUSD made rapid progress after MicroStrategy revealed that it had spent just under $1.5 billion on boosting its BTC reserves.
The purchases were made in the week through Dec. 1, according to a Dec. 2 filing with United States Securities and Exchange subsequently confirmed by CEO Michael Saylor.
Commenting, Ki Young Ju, founder and CEO of onchain analytics platform CryptoQuant, considered the scope of MicroStrategy’s overall BTC buying streak.
“$MSTR spent $13.5B on 149,900 BTC, with holdings up $21.5B in 30 days,” he noted in a post on X. 
Continuing, trading firm QCP Capital acknowledged Saylor’s upcoming pitch to the board of tech giant Microsoft scheduled for Dec. 10 — also an attempt to endear the firm to holding a Bitcoin treasury.
“Microsoft’s shareholders are scheduled to vote on a proposal to add BTC to its balance sheet on December 10. Could this be the catalyst BTC needs to break 100k before year end?” it queried in its latest bulletin to Telegram channel subscribers.
Overbought RSI precedes BTC price rebound
BTC price action circled $96,000 at the time of writing, having previously begun retesting support below the $95,000 mark.
However, the outlook remained positive for traders, with the $100,000 landmark firmly on everyone’s mind.
“Nice corrective upwards consolidation here resetting RSI & other indicators,” popular trader Roman told X followers in his latest short-timeframe BTC price analysis. 

Roman referred to the relative strength index (RSI) indicator, which on hourly timeframes almost dipped below the key “oversold” level of 30 on the day.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.