Bitcoin price turns bullish on Square’s $50M BTC purchase: Is $11K next?

Bitcoin price turns bullish on Square’s $50M BTC purchase: Is $11K next?


The number of Institutional investors stepping in to Bitcoin continues to increase and this appears to be inspiring some newfound confidence in Bitcoin price. Just today Square announced that it had purchased 4,709 Bitcoin (BTC) for $50 million.

Square is not the only large company to take this action. Recently, MicroStrategy made waves for also announcing a significant purchase of Bitcoin.

These news events could be a signal to investors that a new cycle is starting up and bigger parties are showing significant interest in Bitcoin. However, will this also affect the short term as Bitcoin is still hovering beneath the crucial $11,000 resistance?

Volatility is at its lowest point since the halving

Bitcoin volatility 7-day index. Source: TradingView

Bitcoin volatility is showing signals of boredom, as the metric is back to levels seen in July. That was the period after the halving, which caused a lot of sideways action in Bitcoin price for weeks.

However, as bullish

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