Bitcoin on track for fourth weekly profit in row

Bitcoin rose on Friday on track for the second daily profit in a row, trading near three-month highs and about to mark the fourth weekly profit in a row on strong crypto momentum.

The currency is targeting the coveted $100,000 once more as US company MicroStrategy raised its bitcoin holdings to a new record high, and with strong cash inflow into bitcoin exchange funds in the US, boosting liquidity. 

The Price

Bitcoin rose 0.8% at Bitstamp today to $97,306, with a session-low at $96,399.

On Thursday, bitcoin rose 2.5%, the first profit in three days, hitting a three-month high at $97,470.

Crypto Market Value 

The market value of cryptocurrencies rose by $20 billion on Friday to a total of $3.132.

Bitcoin is up 3.5% so far this week, on track for the fourth weekly profit in a row.

MicroStrategy

Through the X platform, MicroStrategy’s chairman Micheal Saylor announced a new round of bitcoin purchases amounting to 15,355 units, bringing the company’s holdings to a new record high.

The purchase occurred between April 21 and 26, with the company spending $1.42 billion in total, averaging $92,737 per unit.

After the new acquisition, the company now holds 553,555 units in total, worth $37.93 billion, with an average price of $68,519 per bitcoin.

Bullish Outlook

The crypto market moved within a limited range last week, which opened the way for a strong higher breakout in upcoming sessions.

Periods of calm sideways trading in the crypto market are usually followed by aggressive one-sided breakouts, with bitcoin likely surpassing $100,000 soon.

Bitcoin Exchange Funds

US bitcoin funds had inflows of over $3 billion over the past 9 days, with the series of increasing inflows capped by a drop of $56 million on Wednesday.