- Summary:
- Strategy (formerly MicroStrategy) has risen by nearly 15 percent year-to-date and last week bought more than $550 million worth of BTC.
Strategy (formerly MicroStrategy) stock price spiked on Tuesday, up by 9% and trading at $347 at the time of writing. The stock also retested eleven week highs of $348, mirroring Bitcoin’s resurgence. The momentum on the stock has has seen it gain 10% in the last five trading sessions and sending it to +14.6% year-to-date.
The upsurge by Strategy (NASDAQ: MSTR) comes the wake of filings that show it purchased 6,556 BTC at $555.8 million between April 14-20. The company bought the coins at an average price of $84,785. With Bitcoin price at $90,840 as of this writing, it means that it has made a profit of about $40 million in the last week.
Furthermore, Strategy currently holds 538,200 BTC bought at an average price of $67,766 per coin for a total cost of $36.462 billion. Those assets are currently worth $48.89 billion going by the price of Bitcoin at $90,840 as of this writing. Even more substantially, Strategy capitalisation is at $91 billion, equivalent to nearly twice the value of its BTC holdings.
In addition, while Strategy stock price is up by 14.6% YTD, Bitcoin price is down by 2.1% YTD. The momentum on MSTR price signals the likely continuation of the upside. The stock’s daily RSI is at 60 as of this writing and the Average Directional Index (ADX) on the weekly chart is at 25, adding credence to the likely continuation of the upward trajectory.
Strategy Stock Price Prediction
Strategy Stock Price pivot mark is at $334 and the upside will will prevail if action stays above that level. The upward action will likely meet primary resistance at $350, but a stronger momentum will clear that barrier and test $350.
On the other hand, the momentum will shift to the upside if MSTR breaks below $334. That will likely see the first support come at $324. Breaking below that level will invalidate the upside thesis. Also, that could result in a stronger momentum to test $310.
