Incredible strength on Bitcoin over the past couple days, price action is now approaching its all time high where volatility will increase. It is important to monitor how price action reacts around the highs - an area for hedging.

In recent news events, MicroStrategy, led by Michael Saylor, has announced an ambitious plan to raise $42 billion over the next three years to significantly expand its Bitcoin holdings.

Today’s report will also include:

• Updated Technical Analysis

• Other key market developments

• Wisdom Drops

Bitcoin Price Analysis

The lower timeframe on the chart indicates higher for Bitcoin, it is clearly trading in a defined channel, currently bouncing on lower support. Price action needs to continue holding this region for strength.

Noticeably, the .618 Fibonacci has been respected, this is an indication of demand being present at these lows. The respect has been clear so far, continued lower timeframe consolidation is still considered bullish.

The overall objective of this current price action will be the range high. This means a new all time high is on the horizon. A blue sky breakout and or a swing failure pattern could occur, this is why it important to monitor how price action reacts.

Bitcoin Insider will continue to monitor these time sensitive price development for the next update.

MicroStrategy announced an plan to raise $42 billion

MicroStrategy, announced its financial report for Q3, which ended on September 30. The report indicated the company increased its Bitcoin holding by 11% in September, pushing its BTC yield year-to-date to 17.8%.

In the third quarter, MicroStrategy secured $2.1 billion through a combination of equity and debt financing. Its current Bitcoin holdings stand at 252,220 BTC.

In correlation with the financial data, the firm included its plans to raise capital of $42 billion within the next 3 years as part of its 21/21 financial plan. The capital, which will comprise $21 billion of equity and $21 billion of fixed-income securities, will be used to buy more Bitcoin.

"As a Bitcoin Treasury Company, we plan to use the additional capital to buy more bitcoin as a treasury reserve asset in a manner that will allow us to achieve higher BTC Yield," said Phong Le, President and Chief Executive Officer of MicroStrategy.

The company continues to show an increased desire to become the leading treasury firm for Bitcoin, as it is currently the largest corporate holder of the digital asset.

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