Bitcoin Rebounds as MicroStrategy Doubles Down on BTC Investment
June 15, 2021
As Bitcoin (BTC) regains bullish momentum, MicroStrategy, led by one of Bitcoin’s most prominent supporters, Michael Saylor, has just sealed another senior secured notes offering to purchase more BTC.
According to an official announcement yesterday, the investment company has completed a $500 million senior secured notes offering due in 2028 and would use the proceeds to acquire more Bitcoin. Currently, the crypto investment giant owns approximately 92,079 BTCs.
The security notes got sold at a private offering for qualified institutional investors in full accordance and reliable on Rule 144A per the Securities Act of 1933.
Meanwhile, MicroStrategy also announced launching a newly-formed subsidiary, MicroStrategy LLC, to hold all its Bitcoin assets.
The announcement comes amid comments from Paul Tudor Jones, veteran hedge funder, who noted that he has plans to allocate 5% of his portfolio into Bitcoin.
Tudor argued that buying BTC would cover him from the growing threat of inflation in the US, as the Fed intensifies its economic relief measures and money printing.
In an interview with CNBC, Tudor noted that:
“I like bitcoin. Bitcoin is math, and math has been around for thousands of years. 2+2 is going to equal 4, and it will for the next two thousand years. So, I like the idea of investing in something reliable, consistent, honest, and 100% certain.”
Key Bitcoin Levels to Watch — June 15
Following a healthy rebound from the $35k level over the past 48 hours, Bitcoin appears to have slowed down below the $41k resistance. The primary cryptocurrency is in a minor consolidation range between $41k and $39.5K, as market sentiment turns bullish.
We expect more buyers to come aboard over the coming hours, which should send BTC closer to the $45k resistance and higher. That said, in the event of a bear wave, we should see the $38.5k level serve as the floor for bears. Subsequent declines should get floored by the $37.5k mark, where our tripwire resides.
Meanwhile, our resistance levels are at $41,000, $42,000, and $43,000, and our key support levels are at $39,500, $38,500, and $37,500.
Total Market Capitalization: $1.70 trillion
Bitcoin Market Capitalization: $758.3 billion
Bitcoin Dominance: 43.3%
Market Rank: #1
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