Summary:
The Luna Foundation continues to stay true to its quest to purchase $10 billion worth of Bitcoin
and become the second-largest holder of BTC after Satoshi Nakamoto.According to @WuBlockchain, the Luna Foundation purchased an additional 4,130 Bitcoin bringing the total holdings of the foundation to 39,897.98 BTC.
The later amount of Bitcoin translates to roughly $1.7 billion using the current price of the digital asset at $42,700. This, in turn, means that the Luna Foundation still has to purchase an additional $8.3 billion worth of BTC to fulfill its earlier mentioned quest of holding $10 billion worth and becoming the second-largest holder of Bitcoin after Satoshi Nakamoto.
In terms of price action, the purchase of 4,130 Bitcoin by the Luna Foundation did not cause a knee-jerk reaction in the crypto markets. At the time of writing, the King of Crypto is consolidating above the crucial $42,00 support. The latter also intersects with the 50-day (white) and 100-day (yellow) moving averages.
A glance at the daily BTC/USDT chart reveals that the MFI and RSI are in neutral territory at values of 32 and 47, respectively. However, the daily MACD hints at continual selling that could threaten a collapse of the $42k support zone.
If Bitcoin fails to hold this crucial level during the weekly close later today, it could open the doors to $40k or even $39k. In the event $42k holds, Bitcoin could once again attempt to break the $48k resistance zone that coincides with the position of the 200-day moving average (green). Successfully breaking $48k could open the doors to $50k or even higher in the days to follow.