The Bitcoin price plunged 5% in the last 24 hours to trade at $93,512 as of 02:21 a.m. EST on trading volume that surged 94% to $120 billion.
This follows MicroStrategy’s announcement on Monday that it acquired an additional 55,000 BTC for $5.4 billion between November 18 and November 24.
With this latest purchase, the company now holds approximately 386,700 BTC, acquired at a total cost of about $21.9 billion, averaging $56,761 per BTC.
Bitcoin Price Currently Undergoing A Correction
After what appears to be a parabolic rise in November, the Bitcoin price then went through a cool-off, as the bulls used the $90,000 support to push the price up through a rising channel pattern, according to data from GeckoTerminal .
The price of Bitcoin, however, has breached the lower boundary of the channel, suggesting that BTC is currently undergoing a correction.
The current correction has pushed the price of Bitcoin to trade below the 50-day Simple Moving Average (SMA). However, the BTC price still trades above the 200-day SMA, which maintains some bullish prospects for the price of Bitcoin.
Additionally, the Relative Strength Index (RSI) is also dropping towards the 30-oversold region, according to the BTC/USD chart analysis on the 4-hour timeframe, currently at 37. This confirms the current price correction.
If the correction continues, the price of Bitcoin could drop, with the 200-day SMA acting as next possible support at $80,778.
BTCUSD Chart Analysis Source: GeckoTerminal
Conversely, if the price remains above the 200-day SMA, investors may still buy the asset, with the next possible target for the bulls being the 100,000 resistance.
Meanwhile, investors who are looking for diversification opportunities might consider the newly launched Best Wallet (BEST) presale.
Best Wallet Presale Amasses Over $1.2 Million In Funds Raised
Best Wallet is a new Web3 crypto wallet that combines advanced features with a user-friendly design, aiming to become a leader in the next generation of crypto wallets.
Its native token, $BEST, has gained significant interest among investors, demonstrated by the rapid sell-out of the first stage of its private sale, which raised $162,000 within six hours.
The token has now amassed over $1.2 million in funds raised. The private sale ended on Monday, and the presale is now open to the public.
The wallet offers a unique presale approach, allowing users to buy $BEST tokens exclusively through the app itself.
An analyst on YouTube channel 99Bitcoins, with over 709k subscribers, says Best Wallet is his favorite crypto wallet.
The native token, $BEST, powers the Best Wallet ecosystem, providing reduced transaction fees, exclusive early access to the hottest new presale, and gamifies wallet engagement through the $BEST airdrop.
Investors can currently purchase $BEST for $0.022775. To join the presale before a price increase in about 32 hours, download Best Wallet on the official $BEST Token website , click on ”Upcoming,” and grab your BEST tokens.
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