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.
According to OKLink, address marked as Luna Foundation (bc1q9d4ywgfnd8h43da5tpcxcn6ajv590cg6d3tg6axemvljvt2k76zs50tv4q) added a total of 4130BTC, and the current balance of this address is 39,897.98BTC. The last time LFG accumulated BTC was on April 6th https://t.co/3t4x4XVunp
— Wu Blockchain (@WuBlockchain) April 10, 2022
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 of holding $10 billion worth and becoming the second-largest holder of Bitcoin after Satoshi Nakamoto.
Bitcoin’s Price Did Not Rise After the Purchase of 4,130 BTC
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.
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.
