Crypto Industry News:
MicroStrategy, a US company that provides business intelligence, mobile software, and cloud-based services, said it had purchased another 4,167 BTC for approximately $ 190.5 million.
The purchases took place between February 15 and April 4, MicroStrategy said in a statement on Tuesday.
The company based in Tysons Corner, Virginia, paid an average price of $ 45,714 for 1 Bitcoin and now owns a total of 129,218 bitcoins worth around $ 6 billion. CEO Michael Saylor has said on several occasions that the company plans to hold BTC in the long term and has no plans to sell it.
Bitcoin sourced in the last 49 days averaged 85 per day, compared with 20 obtained between December 30 and January 31. In an earlier statement, the company indicated that it hadn't bought any bitcoin in the first half of February.
Technical Market Outlook:
The BTC/USD pair rally was capped after the Shooting Star candlestick pattern was made at the level of $47,427. After a short period of consolidation the bears pushed the price towards the nearest technical support is seen at the level of $44,758. The price is definitely out of the ascending channel for good, however, as long as the price stays above the technical support seen at $44,231, the bulls are in control of the market.
Weekly Pivot Points:
WR3 - $52,161
WR2 - $50,140
WR1 - $48,553
Weekly Pivot - $46,309
WS1 - $44,444
WS2 - $43,324
WS3 - $40,487
Trading Outlook:
The market still keeps trying to bounce after over the 60% retracement made since the ATH at the level of $68,998 was made. The bulls are now approaching the game changing technical supply zone seen between the levels of $52,033 - $52,899. When this zone is clearly broken, the BTC is back to the up trend, otherwise the bearish pressure might push down the BTC towards the level of $29,254.
