The overall market is struggling right now and investors seem to be hesitant to bid on any cryptocurrency due to high market volatility. Amid this, Japanese investment giant Metaplanet has captured the market’s attention with its latest strategy ahead of the US presidential election.
On October 28, 2024, Metaplanet posted on X (formerly Twitter) that the company had acquired a significant 156.78 Bitcoin (BTC) worth $10.5 million. This major acquisition of BTC had a huge impact on the company’s stock as it skyrocketed by 7.18%.
Furthermore, with this recent purchase, Metaplanet became one of Asia’s largest BTC holders, as shared by the company’s CEO Simon Gerovich. This notable acquisition appears to mirror that of MicroStrategy, the US-based business intelligence company and the largest corporate Bitcoin holder.
This is not the first time that the Japanese investment giant has made a major purchase. However, with the recent purchase, the company’s total BTC holdings increased to 1,018, worth $59 million.
In addition to Metaplanet’s announcement, Bitcoin (BTC) appears bullish and is on the verge of reaching its all-time high.
BTC price momentum
At the time of writing, BTC is trading near $69,400 and has experienced a price increase of over 3.10% in the last 24 hours. During the same period, trading volume skyrocketed by 115%, indicating massive participation from traders and investors.
Bitcoin technical analysis and upcoming levels
According to expert technical analyses BTC seems bullish and there is a good chance that the price could reach the $72,000 level soon. The possible reason for this bullish outlook is the outbreak of consolidation and overall bullish price action.
As of now, BTC is trading above the 200 Exponential Moving Average (EMA) daily, indicating an uptrend. However, this bullish statement only holds true if BTC closes a candle above the $69,560 level, otherwise it could fail.