sekar nallalu 24/7 Cryptocurrency News,Bitcoin,Bitcoin News,Cryptocurrency,microstrategy,Tesla (TSLA) MicroStrategy Stock Surges 132%, Outshines Bitcoin, Tesla an…

MicroStrategy Stock Surges 132%, Outshines Bitcoin, Tesla an…


MicroStrategy Stock Surges 132%, Outshines Bitcoin, Tesla and Block

MicroStrategy stock has increased by a whopping 132% which is even better than the performance of Bitcoin (BTC) and other companies that have invested in Bitcoin such as Tesla and Block. This increase in the market capitalization of MicroStrategy takes place as new Bitcoin spot ETFs are launched in the United States, providing a direct way of investing in Bitcoin.
MicroStrategy Surges Amid Bitcoin ETF Adoption
MicroStrategy’s significant increase is partly due to a short squeeze and further magnified by the increased adoption and institutional investments after the arrival of Bitcoin ETFs. On the other hand, Tesla and Block have not replicated these gains, with their stocks declining by 10% and 29%, respectively.

This can be attributed to the fact that these companies have a low correlation with the price of Bitcoin since they move in tandem with the broader technology market. Also, new entrants such as Japan’s Metaplanet and Semler Scientific have followed the trend of acquiring Bitcoin as an asset. Metaplanet’s stock rose by 85% following the announcement, while Semler’s saw a 10% rise, proving that Bitcoin remains a strong asset to hold on balance sheets even in corporations.
Bitcoin Sell-Off Intensifies, Prices Tumble

Despite these positive developments in the corporate world, Bitcoin price itself is showing signs of a bearish trend in the market. According to a 24-hour technical analysis, the Relative Strength Index (RSI) has dipped below its signal line, indicating a possible continuation of the downward trajectory. The Moving Average Convergence Divergence (MACD) supports this view with a bearish crossover, and the trajectory histogram’s negative skew suggests further declines could be imminent.

On a more granular level, the 1-hour price chart for Bitcoin displays a stark downward movement, with the Know Sure itself (KST) indicator plunging into the negatives at -30,9752. This is accompanied by a significant drop in Bitcoin’s price, falling below the critical support level of $68,000.

The Bollinger Bands highlight this volatility, with the price breaching the lower band around 14:00 UTC, a typical marker of an oversold condition. These indicators collectively paint a picture of increasing selling pressure and a prevailing bearish sentiment among traders.
Also Read: Peter Brandt Spots Ethereum Heads and Shoulders Pattern, What Next?

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Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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