MicroStrategy Buys Fail to Push Bitcoin Price Up

Bitcoin (BTC) saw early-week gains erased at the Nov. 18 Wall Street open as a liquidity hunt targeted late long positions. BTC price reacts to MicroStrategy’s major purchaseData from Cointelegraph Markets Pro and TradingView showed a 3% drop in BTC price, pushing BTC/USD below its weekly close. This weekly close had been Bitcoin’s highest ever, but news of MicroStrategy acquiring $4.6 billion in BTC over the past week seemed to dampen sentiment. “Usually we get a short-term dump on Saylor’s buy announcements as it explains a lot of the buying that was done,” trader Daan Crypto Trades commented on X.

Source: CryptoIntelligence