MicroStrategy Shares Fall 2.44% as Bitcoin Dips to $66,145 Near 1130-Day SMA
MicroStrategy shares dropped 2.44% as Bitcoin traded at $66,145, near its 1130-day simple moving average at $66,500. Over $250 million in crypto long liquidations wiped out $179 million in bullish bets, Bitcoin open interest fell 2.37%, and the Fear & Greed Index signaled extreme fear.
1. Crypto Market Weakness Pressures MicroStrategy Shares
MicroStrategy stock slid 2.44% on the back of a 2.14% decline in Bitcoin, which traded at $66,145. The drop in its flagship holding’s price weakened investor confidence in the company’s value proposition.
2. Large Crypto Long Liquidations Trigger Extreme Fear
Over $250 million in long positions were liquidated in the past 24 hours, including $179 million in bullish bets. This unwinding drove Bitcoin open interest down 2.37% and pushed the crypto Fear & Greed Index into “Extreme Fear.”
3. Technical Levels Signal Potential Further Downside
Bitcoin’s 1130-day simple moving average sits at $66,500, a level historically marking cycle lows, while a weekly close below the 200-week EMA at $68,300 could spur additional bearish acceleration, potentially exerting more pressure on MicroStrategy’s stock.