Institutions continue to be one of the biggest market pushers for Bitcoin and the rest of the crypto market. Trading actions over the last 24 hours do not change this claim as the price started gaining momentum after a large purchase.

In the early hours of Monday, Microstrategy announced that it increased its BTC holding by 500 coins. While many frowned at the purchase, others claimed that the purchase was made at the top and the asset was due for correction.

It is worth noting that following the announcement, the top coin started a rally. It started trading at $51k and dropped to a low of $50k before rebound. Afterward, it broke its fourteen-day high at $53k and continued upwards.

As a result, it attained the most recent milestone. It peaked at $54,962.