MicroStrategy acquires an additional 11,931 Bitcoin ❗️

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📅 Today

🔍️ Market Outlook

• Overall Bias - Neutral 📈 

• BTC has broken all it's AVWAPs, and also broke down of it’s crucial $66,000 support zone.

• We now have only 3 important support zones to focus at on the higher time frames :

  1. $64,800 - 4H horizontal + 4H Discount + 4H Bullish OB

  2. $60,800 - Daily Bullish OB + Daily Horizontal

  3. $57,100 - Macro horizontal + 200D MA

• BTC dominance has been rejected off it’s 56.46% resistance. This means alts can find a sense of relief if this rejection continues deeper. Dominance can likely keep falling till 53.8% - 54% on the higher time frames, and till 55% on the lower time frames, before potentially reversing from one of those supports.

MicroStrategy Acquires Additional Bitcoin ❗️ 

MicroStrategy has bought an additional 11,931 bitcoins for $786 million, according to a Thursday press release.

The company now holds 226,331 bitcoins, valued at nearly $15 billion at the current price of $66,000 per bitcoin

The average purchase price of these bitcoins is $36,798 each, totaling about $8.33 billion.

This recent acquisition follows an $800 million convertible note offering to institutional investors. In March, the company bought 9,245 bitcoins for $623 million through a similar debt offering.

The company’s BTC holdings are up 83%, i.e over $6.29 billion. The company’s live position can be tracked here.

Gemini Founders Donate $2 Million in Bitcoin to Donald Trump 💰️ 

On Thursday, the billionaire Winklevoss twins, founders of the cryptocurrency company Gemini, announced their individual donations of $1 million in bitcoin to support Donald Trump.

Tyler Winklevoss highlighted that President Joe Biden's Democratic administration has "openly declared war on crypto," and praised Trump for being "pro-Bitcoin, pro-crypto, and pro-business."

The Winklevoss brothers are each worth $2.7bn, according to Forbes.

📕 Educational

The image below explains why as a trader, it is so important to cut off your loses. The deeper you loss, the harder it is to recover. Maximum allowable loss per trade, generally speaking should not be more than 5% of your capital under any circumstances. Ideally, a 1-2% SL is an industry norm followed by the most successful traders across the globe.

📊 Stats

📈 Chart of the day

• Rationale :
  

• Daily horizontal support on a macro level.

• Daily discount zone.

• Multiple bullish divergences on daily timeframe.

• 1H bullish order-block

• Bullish RSI divergence on daily time frame

• Source : Cointraction 

🤣 Meme of the day

Don’t be this guy 🤣

That concludes our update for today!

We appreciate you joining us for the latest news. Our aim is to provide insights and highlights that keep you well-informed and ready. Remember to follow us on social media for additional updates and giveaways. Happy trading, and see you next time!

Disclaimer : None of the content shared in the newsletter is financial advise. Always do your own research before investing.