Bitcoin reaches $101K after MicroStrategy’s latest purchase

Bitcoin’s (CRYPTO:BTC) price surged above $100,000 for the first time in weeks, reaching a yearly high of over $101,000.

The rally came shortly after MicroStrategy announced its latest Bitcoin acquisition.

The cryptocurrency’s sharp climb followed the company’s disclosure of a relatively small purchase of 1,070 BTC for $101 million, at an average price of $94,004 per coin.

This marks a shift from the more significant acquisitions made by the firm in November and December, which were worth billions.

Historically, MicroStrategy’s Bitcoin purchases have often been followed by short-term price declines.

Last week, after the company’s previous acquisition, Bitcoin fell from over $94,000 to a monthly low of $91,300.

However, the latest announcement triggered a different market reaction, with Bitcoin rising from $98,000 to over $101,000 within an hour of the news.

MicroStrategy, led by executive chairman Michael Saylor, has continued its strategy of accumulating Bitcoin, reinforcing its position as the largest corporate holder of the cryptocurrency.

The company has reportedly set plans to raise an additional $2 billion for further purchases.

The recent price increase highlights Bitcoin's volatile nature and its sensitivity to major corporate moves.

The asset has now recovered from its December slump and surpassed key psychological resistance levels.

MicroStrategy’s continued Bitcoin investments demonstrate its commitment to the cryptocurrency despite market fluctuations.

As of now, the company remains a significant influencer in the space, with its actions closely watched by investors.

At the time of reporting, the Bitcoin (BTC) price was $102,047.