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Bitcoin rejects $51K after Michael Saylor reveals new BTC purchase — What’s next?

Published 08/24/2021, 10:24 AM
Updated 08/24/2021, 04:40 PM
Bitcoin rejects $51K after Michael Saylor reveals new BTC purchase — What’s next?
BTC/USD
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BTC/USD
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Bitcoin (BTC) is currently facing a crucial resistance to break through after a massive rally of 70% since the recent low in July at $28,000. This resistance is found in the psychological area between $50,000 and $51,000 and can be classified as the final hurdle before a new all-time highs.

This correction started when Michael Saylor revealed that MicroStrategy has purchased another $177 million worth of Bitcoin, while the company is already one of the largest holders of Bitcoins recently.

BTC/USD 1-day chart. Source: TradingView
Total market capitalization cryptocurrency 1-day chart. Source: TradingView
BTC/USD 2-hour chart. Source: TradingView

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