App maker Meitu buys one other 175 BTC, pushing Bitcoin nearer to a breakout

 App maker Meitu buys one other 175 BTC, pushing Bitcoin nearer to a breakout


Institutional and retail demand for cryptocurrencies is at an all-time excessive. Tesla’s daring transfer to allocate a few of its wealth into Bitcoin appears to have inspired different companies to diversify into digital property. 

One of many many companies that need to keep away from “the dangers of lacking out on the potential for Bitcoin changing into the worldwide benchmark digital asset,” as Bloomberg said, is Meitu. The Hong Kong-based app builder announced that it just lately scooped up roughly 175 BTC at an combination worth of roughly $10 million. 

The latest buy provides to the 765 BTC and the 31,000 ETH that the agency had acquired in March. Meitu now holds greater than $100 million price of the highest two cryptocurrencies by market capitalization, reaching the objective it set for itself in its Cryptocurrency Funding Plan. 

Although Meitu is without doubt one of the first publicly listed corporations in China so as to add Bitcoin and Ethereum to their steadiness sheets, different well-known companies reminiscent of Sq. and MicroStrategy have gone right into a shopping for spree. 

The latter revealed on Monday, Mar. 5, that it had raked round 253 BTC at a mean value of $59,339, bringing its holdings to 91,579 BTC. 

Bitcoin prepares for brand new all-time highs

Whereas demand continues to rise, Bloomberg revealed in a latest report that Bitcoin constructed a value ground at $50,000.

The monetary media large affirmed the overhead resistance round $60,000 is weakening over time, organising the right circumstances for a possible breakout. 

Bitcoin US dollar price chart
XBT/USD on Bloomberg

Bloomberg expects the continued consolidation section to finish with a bullish large upswing. However within the occasion of a sell-off, the 20-week shifting common at $40,000 is seen as essentially the most “excessive draw back danger.” 

“A extra doubtless 2Q situation is to breach $60,000 resistance and head towards $80,000. A backup towards $40,000 help is much less doubtless, in our view,” stated Bloomberg.

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