Crypto Industry News:
MicroStrategy confirms that it has made bitcoin the main reserve asset of its business. The world's largest company from the Business Intelligence sector has purchased 21,000 BTC for over a quarter of a billion dollars. MicroStrategy confirms that institutional BTC adoption is taking increasingly confident steps.
MicroStrategy (Nasdaq: MSTR), the world's largest publicly traded BI company, has formally adopted Bitcoin (BTC) as its main reserve asset.
In a press release released on August 11, MicroStrategy confirmed that it had purchased 21,454 BTC for $ 250 million. Michael J. Saylor, CEO of MicroStrategy, commented in a press release:
"This investment reflects our belief that Bitcoin, as the world's most widespread cryptocurrency, is a reliable store of value and an attractive investment asset with greater long-term growth potential than cash storage."
This move is a turning point for the institutional adoption of Bitcoin, and it did not go unnoticed by commentators.
Technical Market Outlook:
The BTC/USD pair has been seen trading just in the middle of the range after the volatility dried up a little. The momentums has decreased and now is seen below the fifty level again, so the odds for the pull-back are high. The nearest technical support is seen at the level of $11,395 and $11,317. The key short-term support is still located at the level of $10,940 - $10,890, so for now all the price action is being considered as sideway trend that might turn into a correction. The weekly time frame trend is still up and in a case of a breakout above the level of $12,035, the next target for bulls is seen at the level of $12,269.
Weekly Pivot Points:
WR3 - $12,981
WR2 - $12,405
WR1 - $12,075
Weekly Pivot - $11,487
WS1 - $11,099
WS2 - $10,537
WS3 - $10,124
Due to the level of $12,000 violation, the Bitcoin is now in the up trend on the long-term time frame. The next key target for bulls is seen at the level of $13,712 and $15,000. The key long-term technical support is located at the level of $7,897, but the zone around $9,500 - $10,500 is an important technical support as well.