Bitcoin price bounces above $32K as MicroStrategy ‘buys the dip’ with $10M

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Bitcoin (BTC) showed signs of revival on Jan. 22 after a trip below $ 30,000 sparked new buyer support.

BTC price seals a daily rebound of 8.5%

Data from Cointelegraph Markets and TradingView showed a stronger trading day for BTC / USD on Friday, with daily gains of 8.5% at the time of writing.

The turnaround follows a turbulent 24 hours in which Bitcoin fell to $ 28,950 – a key level when it comes to whale support and only its second drop below $ 30,000 this year.

BTC / USD 1 hour candle chart (Bitstamp). Source: TradingView

At the same time, MicroStrategy, known for its ever-growing Bitcoin treasury, confirmed that it had bought 314 BTC to bring its entire hoard to 70,784 BTC.

“Microstrategy has just bought 314 more #Bitcoin for $ 10 million. @Michael_saylor bought the dip,” summarized the Twitter-based information source Documenting Bitcoin, referring to the company’s CEO, Michael Saylor.

The most recent buy-in averaged $ 31,808 per bitcoin and follows on from asset manager Grayscale’s ongoing purchases, which are bucking general sales promotions of recent weeks.

All eyes on whales at $ 29,000

Interest among other large BTC investors remained at just under $ 30,000.

Maintaining this range is important, according to monitoring resource Whalemap, to avert another drop in BTC / USD prices that could bring the pair closer to $ 20,000.

“If we drop below $ 28,727 and consolidate there, we will again drop to at least $ 23,818,” explained part of a series of tweets along with a related graphic.

Bitcoin whale support level. Source: Whalemap / Twitter

“There aren’t a lot of supports below $ 28,727 right now, so if we start consolidating there, BTC will likely climb to at least $ 23,818,” co-founder Artem Lazarev told Cointelegraph.

“$ 23,818 isn’t that strong, but should give BTC time to reevaluate the situation. Otherwise, $ 19,322 is very strong and a level big guys are likely to set their stoplosses at.”