Michael Saylor Continues Dollar-Cost Averaging in Bitcoin Amid Price Drop
- Bitcoin Accumulation: Saylor's company continued to buy 1,142 Bitcoin at an average price of $78,815 each, increasing its total holdings to 714,644 valued at over $49 billion, demonstrating a strong long-term confidence in Bitcoin despite recent price declines.
- Rising Unrealized Losses: With an average cost per Bitcoin exceeding $76,052 and the current price at $69,000, the company faces nearly $5 billion in unrealized losses, highlighting the significant impact of market volatility on its financial health.
- Increased Operating Losses: The company's operating loss has surged to over $17.4 billion, with a net loss of $12.4 billion, a trend likely to persist if Bitcoin continues its downward trajectory, putting additional pressure on investors.
- Analysts Optimistic on Stock: Despite challenges, Wall Street analysts are turning bullish on the stock, with Cantor Fitzgerald maintaining an overweight rating and a target of $192, while the consensus target price is $347, reflecting expectations for a Bitcoin rebound.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC) As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 36126.697 | 48063.348 | 60396.717 | 72333.368 | 84666.737 | 96603.388 | 108936.757 |
| Fibonacci | 48063.348 | 57334.496 | 63062.221 | 72333.368 | 81604.516 | 87332.241 | 96603.388 |
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