Billionaire Michael Saylor Hints at Massive Bitcoin Buy – Could This Send BTC to $120,000? 

Bitcoin (BTC) reached $106,533 this week, fueled by bullish sentiment surrounding institutional buying and strategic reserve proposals. MicroStrategy, led by CEO Michael Saylor, disclosed its latest purchase of 15,350 BTC for $1.5 billion, marking its first buy above $100,000 per coin.

The purchase brings MicroStrategy’s total Bitcoin holdings to 439,000 BTC, worth over $45 billion, with unrealized profits nearing $18 billion. This aggressive acquisition reinforces institutional confidence and adds upward momentum to Bitcoin’s rally.

Saylor’s bold strategy of using debt financing to expand holdings—targeting an additional $42 billion by 2028—positions MicroStrategy as the largest corporate BTC holder.

Growing Institutional Confidence Bolsters Bitcoin Rally

MicroStrategy’s consistent accumulation signals a strong belief in Bitcoin’s future as a digital store of value. This, coupled with bullish policies under President-elect Trump, including speculation about a U.S. Bitcoin reserve, has strengthened market confidence.

Analysts suggest such institutional backing could propel Bitcoin toward the next resistance levels at $108,000 and $110,000.

However, critics argue MicroStrategy’s reliance on Bitcoin exposes the company to significant downside risk during market corrections. While this strategy attracts scrutiny, supporters view Saylor’s vision as a transformative bet on Bitcoin’s long-term dominance.

Daily Technical Outlook: Bitcoin (BTC/USD) – December 17

Bitcoin (BTC/USD) continues to hold its bullish momentum, currently trading at $106,520, up 1.74% in the last 24 hours. The price is supported by an ascending channel, with immediate support at $105,535 and next support at $104,430 near the 50 EMA.

If the bullish trend persists, Bitcoin faces immediate resistance at $107,217, followed by stronger hurdles at $108,466 and $109,531.

The 50 EMA, sitting at $104,390, reinforces Bitcoin’s upward trendline, offering a critical area for buyers to defend. Additionally, the Relative Strength Index (RSI) is trending at 63, suggesting the market retains buying strength but remains below overbought conditions.

A sustained move above $107,217 could pave the way for further gains, driving Bitcoin toward its next significant resistance zones. However, a break below $105,535 may trigger minor corrections.

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