MicroStrategy Stock up 16% after Bitcoin Price Strikes $24,000

MicroStrategy stock price bounced 16% on March 13 2023 after Bitcoin price recovered 25% from recent low.
MicroStrategy stock (MSTR) defends $200 support level despite global selloff.
MSTR stock price rejected 200 day EMA and slipped below 50 day EMA showcase downtrend.

MicroStrategy stock price surged 16% on an intraday session after Bitcoin price regained the $24,000 mark. MSTR stock witnessed a huge spike in buying volume and the price formed a short term bullish reversal pattern. MicroStrategy stock (NASDAQ: MSTR) came into limelight because it is the first publicly traded company to hold Bitcoin in their balance sheet. According to Bitcoin dotcom, MicroStrategy holds 132,500 BTC.

MicroStrategy stock price (NASDAQ: MSTR) closed the previous session at $223.16 with intraday gains of 16.22%. Market capitalization stands at $2.58 billion. At the beginning of January, MSTR stock price took a U-turn from the demand zone at $133.00 and formed a double bottom bullish reversal pattern. Later, MSTR stock price succeeded in breaking the neckline hurdle of $200 which triggered positive sentiments and. Price rallied by approximately 75% in one month.

MicroStrategy Stock Price Uptrend: Is it Sustainable?

MicroStrategy stock has managed to push the price above the 50 and 200 day EMA creating hopes for a positional trend reversal. However, the rally halted at $300.00 and the bulls failed to give the follow up momentum. MSTR stock consolidated for a few weeks in a narrow range. However, after market sentiment turned negative the stock reverted in the downward direction. Therefore, $300 will act as a strong hurdle in the coming months.

MSTR stock price dropped below the lower range of $250.00 which invited further decline. The bears dragged prices toward $200.00. However, the cryptocurrency market recovered and indirectly impacted MSTR stock in a positive way.

Technical analysis suggests that recent up-move in the MSTR stock looks sustainable, but price will gain momentum only above $250.00. Till then,the price might consolidate in the range between $200.00 to $250.00. On the other hand, if MSTR stock drops below $200.00 then the bears might attempt to pull prices further down to $175.00 level.

The MACD generated a negative crossover but the curve is reversing sideways signalling bearish comeback. RSI curve had shown a sharp bounce from the oversold zone and currently at 43 denotes that the prices are returning back to the bullish track.

Conclusion

MicroStrategy stock price surged 16% on an intraday session due to the recent recovery in the Bitcoin price. Technical analysis of the MSTR stock suggests that the recent upside move looks sustainable. Prices are likely to gain momentum only above $250.00. Till then, it is expected to trade in the range.

Technical levels

Resistance levels : $250.00 and $300.00

Support levels : $200.00 and $175.00

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.