One Man To Own It All
MicroStrategy acquires an additional 5445 Bitcoin
Cheat Sheet -
Current support and resistance ranges plus our bias on top cryptos, oil, and stocks.
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What We Are Watching
We further breakdown our case for these cryptos here : What We Are Watching
Crypto News
Taiwan releases guidelines for crypto exchanges, restricts offshore exchanges unless compliant (The Block)
Binance looks to issue stablecoins in Japan with MUFG unit by end of 2024 (The Block)
Celsius creditors vote in favor of reorganization plan (CoinTelegraph)
Bitcoin price at risk? US Dollar Index confirms bullish ‘golden cross’ (CoinTelegraph)
Ether Flashes Bullish 'DeMark' Signal, Technical Analysis Suggests (CoinDesk)
Sam Bankman-Fried Refiles for Temporary Release Ahead of Trial (CoinDesk)
Need an edge in the 2024 presidential election? Look to crypto. (Blockworks)
Crypto exchange HTX loses $8M in weekend hack (Blockworks)
Bitcoin Ordinals Creator Announces New Fungible Token Protocol 'Runes' (Decrypt)
BitBoy arrested and released after tracking Hit Network exec (Protos)
Arbitrum dominates Ethereum layer 2 battle — but it needs to be careful (DLNews)
BTC Outlook
The same story continues on. Michael Saylor’s MicroStrategy has purchased another ~$147.3mil worth of Bitcoin at an average price of $27,053. The MicroStrategy buys have been short term bearish for the past two years. This is mainly because when Michael Saylor first used MicroStrategy’s treasury to purchase Bitcoin the thesis was that other companies would quickly follow suit and also use their treasuries to purchase Bitcoin. This outcome has not come to fruition. The only other companies that have purchased Bitcoin are Elon Musk’s SpaceX and Tesla and both have since diversified back out of Bitcoin. Until some large competing entity shows up in the market, MicroStrategy purchases now tip the scale towards Bitcoin falling into an uninteresting, unusable state.
To be fair, MicroStrategy is very far away from owning the majority of Bitcoin in circulation, but the lack of any new large buyer creates negative sentiment in the market. However, on the other hand, were another major company to use its treasury to purchase Bitcoin this would create the opposite effect. Finally, another buyer! This would surely flip the sentiment in the market around Bitcoin.
In this mean time, the price continues to consolidate. For technical analysis please read last weeks newsletter (nothing has changed).
Join us in discord where we will actively be following Bitcoin’s price action.
Possible Course of Action
Do nothing, remain flat and wait for price to rise above 200 day MA or below June low
If short stay short while price remains below 200 day MA
DCA into spot long over next 6 months in anticipation of Halvening
The Bulls’ Defense:
ETF decision could still happen in 2023
price held June low as support
The Bears’ Prosecution:
price trading below 200 day MA
price currently meeting 50 day MA as resistance
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