Crypto Industry News:
Michael Saylor announced further plans for MicroStrategy. It is important for investors that if the company he leads suddenly starts selling its BTC, it could lead to huge drops.
Fortunately, MicroStrategy is upholding its previous stance and has no intention of selling any Bitcoins.
While Bitcoin's price has dropped almost 40% from ATH, this doesn't affect MicroStrategy's plans in any way. Michael Saylor's CEO is bullish, even despite the risk of a long bear market. This is significant news for everyone related to the crypto market, because according to the ranking of public companies investing in BTC MicroStrategy Inc. has been in the first place for a long time.
At the time of writing, Michael Saylor's company has 121,044 BTC, representing 0.576% of the total supply. Despite declines, MicroStrategy is still in the black. The company has invested around $ 3,574,400,000 in BTC, and the current value is $ 5,167,902,164.
Technical Market Outlook
The BTC/USD pair had broken below the level of $40k first time since September last year. Moreover, the 2022 low at $39,555 had been violated as well and the new swing low was made at the level of $38,186 (at the time of writing the analysis). The next technical support is seen at the level of $37,204. In order to resume the up trend or at least bounce significantly, the BTC bulls must push the price through the level of $52,033. The nearest technical resistance is seen at $39,555, $40,635 and $41,101.
Weekly Pivot Points:
WR3 - $50,044
WR2 - $47,124
WR1 - $45,231
Weekly Pivot - $42,290
WS1 - $40,477
WS2 - $37,504
WS3 - $35,607
Trading Outlook:
The complex corrective cycle is still in progress and is much more complex and time-consuming than anticipated. If there is no bounce from the line in the sand level for bulls located at $37,204, the Bitcoin market will be officially in a multi year down trend.