MicroStrategy, the largest corporate Bitcoin (BTC) holder, is receiving significant attention from crypto enthusiasts not only for its continued BTC acquisitions, but also for its impressive returns, which have outperformed Bitcoin. Despite the price rises and falls due to market uncertainty, BTC has struggled to gain momentum. Meanwhile, MicroStrategy (MSTR) has shown consistent growth over the past four years.
MircoStrategy defeated Bitcoin
On October 8, 2024, on-chain analytics company CryptoQuant posted on . However, MSTR’s growth started when MicroStrategy started buying BTC.
Bitcoin Holding by MircoStrategy
Since August 2020, MicroStrategy has purchased 252,220 BTC at an average price of $39,266, totaling almost $15.85 billion. However, since BTC is currently trading around $62,250, MicroStrategy makes a profit of $22,985 per Bitcoin.
CryptoQuant noted that the MSTR behaved like a leveraged version of Bitcoin during the bullish phase. In recent years, MSTR has reached several all-time highs, with its stock price rising significantly.
With an impressive price increase of over 3.3%, MSTR has reached $196.2. It’s just 2% away from its all-time high.
MSTR technical analysis and key levels
According to expert technical analysis, MSTR appears bullish as it has broken out of a six-month consolidation zone. Since March 2024, the share price has been consolidating within a narrow range between $110 and $185.
With today’s price increase of over 3.3%, it has broken out of that zone and closed a daily candle above it, which is considered a bullish signal for MSTR holders. There is a good chance that the share price will rise significantly in the coming days.
However, MSTR’s Relative Strength Index (RSI) is currently in overbought territory, indicating a possible price correction or decline in the near future.
