MicroStrategy Gives BTC Buy Signal in the 12th Week

MicroStrategy’s 99th BTC Purchase and Continuous Strategy

Michael Saylor, founder of Bitcoin treasury company MicroStrategy, signaled more BTC purchases despite the market downturn and marked it as the 12th consecutive week of buying. Saylor shared MicroStrategy’s BTC accumulation chart on the X platform on Sunday; the chart points to the company’s 99th BTC transaction. Most recently, on Monday, the company purchased 1,142 BTC for more than $90 million, raising its total holdings to 714,644 BTC, valued at approximately $49.3 billion.

A visual history of MicroStrategy’s Bitcoin purchases that Saylor posts on social media, signaling the company is about to acquire more BTC. Source: MicroStrategy

MicroStrategy’s Resilience in the Market Crash

After the October flash crash, BTC price fell more than 50% from its all-time high of $125,000, dropping below MicroStrategy’s average purchase cost of $76,000. Despite the market crash, the company continued buying, disproving analysts’ suggestions to sell or pause. The crypto treasury sector is experiencing a downturn; many companies’ mNAV value fell below 1, with MicroStrategy’s dropping to 0.90. The company reported a $12.4 billion loss in the 4th quarter this month, and although its stock price fell 17%, it closed at $133.88 on Friday.

MicroStrategy’s mNAV fell below 1 and sits at 0.90. Source: MicroStrategy

Bitcoin Technical Analysis: Supports and Resistances

Currently, BTC price is at $68,090, down 2.50% in 24 hours. RSI at 35.97 level giving oversold signal. Downtrend continues, Supertrend bearish. EMA 20: $73,753. Strong supports: $65,415 (4.78% distance, score 68/100) and $60,000 (12.66%). Resistances: $70,509 (2.63%) and $78,145 (13.75%). Click for detailed BTC spot analysis, check futures.

Latest BTC Developments: Weekly Candle and ETF Options

Bitcoin’s weekly candle chart turned positive, rising 8% from the low and giving a recovery signal 1 day 12 hours before weekly close. NYSE American approved listing options for commodity-based multi-crypto ETFs; this could increase liquidity. MicroStrategy’s purchases may also affect the ALT coin market – ALT details here.