MicroStrategy stock fell 10% after China crackdown

MicroStrategy Inc. (MSTR.US) stock plunged more than 10% during today's session after the company confirmed purchase of 13,005 bitcoins priced at $37,617 each for a total of around $489 million. At the moment the company holds approximately 105,000 BTC. However company's stock suffer due to the strong decline in the price of Bitcoin, which was caused by further restrictions related to the mining of cryptocurrencies that were introduced by the Chinese government. Also the People's Bank of China said Monday it had urged Alipay and some major banks to crack down on crypto trading.

MicroStrategy Inc. (MSTR.US) stock launched today's session with a bearish price gap and was not able to return above the 200 SMA ( red line) which now acts as resistance. If the current sentiment prevails, downward move may be extended towards support at $550 which coincides with 50 SMA ( green line) and 61.8 Fibonacci retracement of the entire upward move which started back in March 2020. Source: xStation5

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