Crypto Industry News:
MicroStrategy, a company run by renowned BTC maximalist Michael Saylor, has just announced plans to sell $750 million worth of Class A common stock to increase its already massive exposure to Bitcoin. This is another stage of their involvement in the most popular and oldest cryptocurrency in the world. Saylor goes va banque and doesn't look back at all.
In the second quarter of 2023, MicroStrategy posted a record net income of $22.2 billion, an impressive jump from last year's accounting loss of $1.1 billion. Essentially, Saylor's performance disparity is due to one main reason: its bitcoin holdings, which at the same time rebounded from lows of around $16k apiece to $32k in midsummer.
The company is not satisfied with the result and does not intend to slow down in investing in Bitcoin; just announced the purchase of an additional 467 BTC for $14.4 million in July. In total, the company has 152,800 BTC worth a whopping $4.53 billion as of July 31, 2023. This already makes MicroStrategy the largest corporate bitcoin holder in the world.
Technical Market Outlook:
The BTC/USD pair had spiked up towards the level of $30,000, but shortly after the spike was faded and the market reverses almost all recent gains. The intraday technical resistance is seen at the level of $30,447, but now the level of $29,623 will act as the technical resistance as well. In a case of a another breakout lower, the next target is located at $28,446 (this level will work as the technical support and the line in the sand for bulls). The weak and negative momentum, together with an increasing bearish pressure supports the short-term bearish outlook for BTC.
Weekly Pivot Points:
WR3 - $30,065
WR2 - $39,681
WR1 - $29,562
Weekly Pivot - $29,316
WS1 - $29,148
WS2 - $28,983
WS3 - $28,567
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.
