MSTR stock price rose by 4% today as Bitcoin continued its recent recovery, and after crude oil dropped from its intraday highs. Strategy may continue rising this week as focus remains on Bitcoin’s performance, oil prices, and the upcoming FOMC decision.
Bitcoin Price is Targeting $80,000 as Crude Oil Falls Ahead of FOMC Decision
MSTR stock price is rising today, helped by the ongoing Bitcoin recovery. Bitcoin price rose to $74,500, its highest point since February 14. It has moved into a bull market after rising by over 20% from its lowest point this year.
Bitcoin may soon jump to the key resistance level at $80,000 as key catalysts rise. For example, the Crypto Fear and Greed Index has jumped to the neutral level of 43 from the year-to-date low of 4. A rising Fear and Greed Index often signals stronger BTC price gains.
Meanwhile, crude oil prices retreated as investors anticipate the reopening of the Strait of Hormuz. Brent fell from an intraday high of $106 to $101, while US benchmarks fell to $96.
Lower oil prices may ease ongoing inflation concerns and fuel interest rate bets as the US economy weakens. A report released earlier this month showed that the US non-farm payrolls (NFP) dropped by 92,000 in February. The FOMC will deliver its interest rate decision on Wednesday, with market participants predicting a status quo.
A Bitcoin price rebound to $80,000 will be bullish for MSTR stock, given its substantial holdings. Strategy bought 22,337 coins worth over $1.57 billion last week, bringing its total holdings to 761,068. As such, a Bitcoin climb to $80,000 will push the value of its holdings to $60 billion from the current $57.6 billion.
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MSTR Stock Price Prediction as Bottoming Signs Emerge
Broadly, the most likely MicroStrategy share price forecast is bearish as it has formed a rising wedge pattern. This pattern is formed by linking two ascending, converging trendlines.
However, oscillators suggest that the stock may have bottomed. For example, the two lines of the Percentage Price Oscillator (PPO) have formed a bullish crossover pattern.
Also, the Relative Strength Index (RSI) has jumped from the oversold level to the current 54. Therefore, the most likely scenario is where the MSTR stock rebounds, potentially to $190, its highest point in January.
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