Bitcoin rose as expected and broke through 63,000
In yesterday's analysis, we talked about the short-term rising market. If the 12-hour and daily levels close with long needles, it will rise. Sure enough, Bitcoin rose slowly around 60,000, and at night it went in bulldozer mode. After 12 consecutive hourly positive lines, it broke through 63,000 US dollars at 3 am, and then fell back slightly.
Everyone knows the company MicroStrategy that issued bonds to raise funds to buy Bitcoin. Just last night, its stock broke through the historical high of 212 US dollars. The price was only 70 US dollars at the beginning of the year, and now it has tripled. The price of Bitcoin was 42,000 at the beginning of the year, and now it is 63,000, which is only a 50% increase. Looking at the momentum, it seems that MSTR stock is leading BTC to rise.
There is a very interesting saying that the logic of MSTR stock is similar to the central bank of a small country. Bitcoin is its anchor, similar to gold during the gold standard. He does not need the price of Bitcoin to rise. As long as Bitcoin does not plummet to the point where no one takes over, he can use the Bitcoin in his hand as an anchor to issue bonds to increase his holdings of Bitcoin, thereby pushing up the stock price.
MicroStrategy has no mining costs and almost no operating costs compared to banks. The only danger is that no one buys the company's bonds, which will only happen when the value of Bitcoin is doubted. The rise of the US stock market follows the market, and the rise of Bitcoin follows Bitcoin. It is a completely unreasonable stock.
Back to today's market analysis, from the K-line, BTC is in a downward trend at the one-hour level, and the 4-hour, 12-hour and daily levels are all in an upward trend. There is no market on the weekend and it is likely to be sideways around 60,500. The intraday pressure level is 64,000 and the support level is 61,000.
