Bitcoin mining company goes on a buying spree – whales expect higher prices

Bitcoin recently experienced a small decline from its all-time high of $99,800 and fell to a low of $90,700. Despite this decline, price action remains bullish as BTC shows resilience and recovers from the decline. Market dynamics remain strong and key players continue to show confidence in the asset’s long-term potential.

A notable move came from MARA Holdings, Inc. (MARA), a well-known BTC mining company, which acquired 6,474 BTC worth $615 million. This strategic move by MARA highlights the ongoing institutional demand for BTC and signals continued confidence in its future growth. The continued buying by institutions suggests that the market is positioned for further upside despite short-term fluctuations.

As Bitcoin recovers from its recent lows, all eyes are on whether it will break $100,000 any time soon. With major players like MARA at the forefront, the outlook for BTC remains bright as it consolidates and prepares for its next move higher.

Bitcoin miners expect an explosive cycle

Bitcoin miners are currently taking strong profits but are not actively selling, indicating a strong belief that BTC will continue its upward trend in the coming weeks. This strategy of holding rather than selling reflects the general market sentiment that the price of BTC will continue to rise despite minor declines.

A clear example of this trend is MARA Holdings, Inc. (MARA), a major BTC mining company. MARA recently acquired 6,474 BTC worth around $615 million after raising $1 billion, bringing its total BTC holdings to 34,794 BTC worth around $3.3 billion. The average purchase price of these newly acquired coins is $95,395, a strategic move that signals long-term confidence in Bitcoin’s price potential.

Following the acquisition, MARA shares rose 7.81% in just 24 hours, reflecting the growing confidence of Bitcoin miners and crypto investors, as well as increasing interest in the company from traditional investors.

The fact that MARA is adding to its BTC reserves at this level instead of selling them suggests that further price increases for BTC can be expected soon. This move also highlights the ongoing institutional appetite for BTC and shows that the broader market remains optimistic about Bitcoin’s future despite short-term volatility. As BTC continues to gain traction, the strong commitment of miners like MARA could play a crucial role in pushing the asset to new heights.

BTC is about to break above $100,000

Bitcoin is trading at $95,000 after failing to break $100,000 over the weekend, followed by a decline to $90,700 in recent days. Despite this decline, there remains a strong possibility that BTC could retest its all-time high (ATH) and push to even higher levels in the coming days, assuming the price remains above the crucial support level of $96,000.

Holding above this important threshold would signal a possible resumption of the uptrend and move towards the ATH of $99,800 and above.

However, if the price fails to sustain above the $95,000 level and experiences a further decline, it could trigger a move towards lower demand levels with support zones around $90,000 and $85,500. A sustained decline below these levels could lead to deeper consolidation before a possible recovery.

The next few days will determine whether Bitcoin can maintain its momentum or whether the market will experience further corrections. Investors will be watching closely to see whether BTC can stabilize and resume its previous uptrend or face more bearish pressure.

Featured image by Dall-E, chart by TradingView