MicroStrategy's MSTR extended its losses for the third week as bears firmly overwhelmed the market. This, with Bitcoin's halving looming...
fourth halving. After hitting a recorded high of $1999.99 on 27 March, the stock retraced, reversing part of its monthly gains.On a quarterly basis, the stock was down 30% in Q2. On the contrary, its Year-to-Date performance had a reading of +73.4%, at the time of writing.
Right now, bears have more leverage after dropping MSTR below the 10- and 20-day SMA , marked blue and orange, respectively. The below-average reading on the RSI is a sign of heightened sell pressure – Supporting the extended drop projection.Additionally, Bitcoin’s halving could embolden MSTR bears if BTC selling pressure spikes around the event.
However, the ongoing dump also resonates with some market watchers who feel MSTR stock is overvalued. Last month, private investment manager Kerrisdale Capitalunjustifiable premium to the digital asset that drives its value.”
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