Bitcoin trades back below $20000
Looking at the hourly chart above, the price yesterday and on Sunday reached up to test the 100 hour MA (blue line) and found sellers. It would take a move above that level to tilt the short term bias back to the upside from a technical perspective. Absent that and the sellers remain more in control. The 100 hour MA comes in at $19564 and moving lower.
In Bitcoin news, Microstrategy the largest corporate holder of Bitcoin, announced it bought another 301 bitcoin for $6 million ($19933 price by my math). The company owns 130,000 bitcoin. The cost is approxiamately $3.98 billion with an average price of $30,639.
The company announced a filing to issue up to $500M in additional stock shares.
“We intend to use the net proceeds from the sale of any class A common stock offered under this prospectus for general corporate purposes, including the acquisition of bitcoin, unless otherwise indicated in the applicable prospectus supplement.”
The stock is trading at $195.02 down -$11.18 or -5.42%. YTD it is down -65.07%.
