Bitcoin Reclaims 69K Amid Big Institutional Buys

Story Highlights

$BTC has reclaimed $69K after a week of macroeconomic and geopolitical-related volatility.
The flagship coin has seen heightened buying as institutions take advantage of its discounted prices.
$BTC could rally to $79K should it break beyond the $68K near-term resistance level.

On March 2, Bitcoin ($BTC) reclaimed the $69K psychological level after a week-long of volatility that saw its price drop to $62K. At press time, the flagship cryptocurrency was trading at $69,483, up 3.65% in the last 24 hours. $BTC’s market cap was also up 3.62% over the same time period to reach $1.38 trillion.

Source: CoinMarketCap

The recovery is closely related to the recent increase in institutional accumulation, as firms take advantage of $BTC discounted prices.

Institutional buys buoy Bitcoin price

Strategy Inc. (NASDAQ: MSTR), the leading Bitcoin holder among publicly traded companies, has today reported accumulating 3,015 $BTC in the past week. The purchase marks the firm’s 101st recorded Bitcoin acquisition and brings its total holdings to 720,737 $BTC. At writing time, Strategy’s shares were trading at $137.42, up 6.32% in the last 24h.

Source: Business Wire

Other companies that have recently reported increased $BTC acquisitions include Metaplanet Inc.(35, 102), Block Inc.(8,883,) and American Bitcoin Corp (5,843).