- Bitcoin saw MicroStrategy transfer 7,383 BTC worth $796 million into new wallets, nearing 600,000 BTC.
- Bitcoin price surged above $108,700, testing resistance near $109,800.
- If Bitcoin fails to break $108,800 resistance, it may drop toward key supports at $107,500 and $106,500.
MicroStrategy recently transferred 7,383 BTC, worth approximately $796 million, into three newly created wallets, according to blockchain analytics firm Lookonchain. The company’s Bitcoin holdings now approach an impressive 600,000 BTC, reinforcing its position as one of the largest institutional holders.
MicroStrategy has adhered to a strong buy-and-hold strategy. The firm’s only notable deviation was in December 2022, when it briefly sold 704 BTC at $16,776 per coin, totaling nearly $11.81 million. Shortly afterward, the company repurchased 810 BTC at $16,845 each, spending around $13.64 million, reaffirming its long-term bullish outlook on BTC’s future potential.
Recent whale activity has drawn attention, with addresses holding between 1,000 and 10,000 BTC offloading over 40,000 BTC in just one week. This sell-off, valued at more than $4.3 billion, suggests some large holders may be uncertain about Bitcoin’s current price rally’s sustainability.
BTC Maintains Bullish Trend Near $107,600
Bitcoin price recently surged past the $105,000 level, gaining momentum above $105,500 and $106,500. Bulls pushed BTC beyond the $107,500 resistance, testing the $108,800 zone, with a high near $108,792. Currently, the price consolidates gains above the 23.6% Fibonacci retracement from the swing low at $106,477 to the high at $108,792.
Trading above $107,000 and the 100-hour simple moving average, BTC also maintains a bullish trend line support near $107,600. Immediate resistance lies around $109,200, with a stronger hurdle at $109,800. Surpassing these could open the door toward the $110,000 and $112,000 levels, signaling continued bullish momentum.
Also Read: Bitcoin Demand Turns Negative: Is a Major Price Drop Coming?
Potential Downside Risks and Support Levels to Watch
If Bitcoin’s price fails to surpass the $108,800 resistance area, one will have to expect a drop to happen. The immediate support level is located at $107,800, and the bullish trend line serves as the major support barrier at $107,500. At the $107,200 area, there is additional support lying approximately near the 61.8% Fibonacci retracement of the latest uptrend.
If losses extend below $107,200, Bitcoin could retest the $106,500 support zone. A breach of the $105,500 level would now see the bears getting their way and pulling further down.
Also Read: Bitcoin Fights Authoritarian Control, Says HRF Executive
