Bitcoin is trading back below $20000
Looking at the hourly chart above, the price yesterday and Sunday reached up to test the 100 hour MA (blue line) and found sellers. A move above that level would be needed to tilt the short-term bias back to the top from a technical perspective. Without that and the sellers remain more in control. The 100 hour MA comes in at $19564 and is moving lower.
In Bitcoin news, Microstrategy the largest corporate owner of Bitcoin, announced that it bought another 301 bitcoins for $6 million ($19933 price according to my math). The company owns 130,000 bitcoin. The cost is approximately $3.98 billion with an average price of $30,639.
The company announced a filing to issue up to $500M in additional 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%.