Shares of MicroStrategy (MSTR) are currently navigating the waters around their 200-day moving average (200SMA). This widely observed technical indicator helps investors discern the overall price trend by averaging closing prices over the previous 200 trading days. It’s often used by traders to evaluate the stock’s long-term direction.
MSTR is presently trading just above $350, a shade below the 200SMA of $355. The stock has remained below this key level since August 25th. Before that, the only similar period this year was back in April, triggered by fears surrounding potential tariff hikes. However, on Thursday, the stock experienced a 6% surge, bouncing off a support level that was last tested in September of the previous year and April of this year.
This upswing in MSTR stock aligns with a strengthening Bitcoin price, which is closing in on $118,000, its highest mark in almost a month. Bitcoin has climbed over 8% this September, setting it up for its best performance in September since at least 2013. Looking at the year as a whole, MSTR has increased by 18%, compared to Bitcoin’s 22% gain.
Elsewhere in the realm of publicly traded companies holding Bitcoin, challenges persist. Metaplanet (3350), a Japanese entity, experienced a 10% decline on Thursday. Its value is now almost 75% lower than its all-time peak, showing the volatility involved in the crypto space.