Crypto Industry News:
MicroStrategy, a business analytics company, has increased its BTC holdings. This confirms the optimistic attitude of CEO Michael Saylor towards digital assets despite the recent difficulties.
In Form 8-K filed with the US Securities and Exchange Commission, the company revealed that it had purchased an additional 480 BTC at an average price of around $ 20,817. The total purchase amount was $ 10 million in cash.
Including the most recent purchase, MicroStrategy now owns 129,699 BTC, making it the largest corporate owner of Bitcoin. The total value of its shares is approximately $3.98 billion.
Technical Market Outlook:
The BTC/USD pair continues to move lower as the short-term trend line support located around the level of $20,037 was broken. The nearest technical support is seen at the level of $19,789. The larger time frame outlook for Bitcoin remains bearish, however, we have unconfirmed Bullish Engulfing pattern on the Daily time frame chart, so please stay focused and keep an eye on the key technical levels. The bearish pressure intensify and the momentum indicator is below the level of fifty already.
Weekly Pivot Points:
WR3 - $24,726
WR2 - $23,231
WR1 - $22,437
Weekly Pivot - $20,850
WS1 - $20,126
WS2 - $18,771
WS3 - $17,937
Trading Outlook:
The down trend on the H4, Daily and Weekly time frames continues. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the round psychological level of $20,000 had been violated, the new swing low was made at $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712.
