MSTR Breaks Trendline: Will $189 Target Be Reached Amid Inflationary Backdrop?

MicroStrategy, now known as Strategy Inc (NASDAQ: MSTR), is trading at $136.08 after breaking through a multi-month descending trendline dating back to its $317 peak.

This move was driven by a strong bullish engulfing candle on high volume, clearing the $118-$133 resistance zone and establishing $118.41 as the primary support level.

As one of the biggest corporate Bitcoin hoarders with over 500,000 BTC in its treasury, Strategy Inc's stock is heavily influenced by Bitcoin's price movements due to the use of leverage in purchasing Bitcoin.

Michael Saylor has reiterated that the company will never sell its Bitcoin holdings, labeling it as 'strategic malpractice' given the current inflationary backdrop.