MicroStrategy's Bitcoin Accumulation Sparks Bullish Momentum
MicroStrategy's stock price has been on an upward trajectory, reaching $160.57 as of September 29th, with momentum coiling below critical resistance.
The company has purchased another 1,665 BTC between September 21-27, bringing its total treasury to 847,666 Bitcoin at an aggregate cost of roughly $64 billion and an average acquisition price of $75,437 per coin.
This purchase is part of a larger accumulation pattern, with the company buying every week since August 31, indicating institutional interest in Bitcoin. The market has taken note, and the stock has responded positively, closing the prior week up 16.1% and today seeing a 3.87% intraday gain.
The technical structure of MSTR is undeniably bullish on the medium-term, with the stock trading above every meaningful moving average. However, the near-term setup demands discipline, as the MACD histogram has flatlined to zero, indicating a momentum stall.