- The MSTR stock price remained pulled back on Thursday.
- This decline coincided with Bitcoin’s fall from $83,000 to $80,000.
- Technical analysis suggests that the stock will likely rebound in the near term.
The MSTR stock price pulled back on Thursday as Bitcoin retreated on US-Iran war fears. Strategy dropped to $179.60, a few points below this week’s high of $190. Still, the stock remains in an uptrend that may push it to $250 and beyond.
MSTR Stock Drops as US-Iran Jitters Remain
Strategy, the biggest Bitcoin Treasury company in the world, pulled back as concerns about the ongoing US-Iran war continued. This decline mirrors that of the broader stock market, with the Dow Jones and S&P 500 indices falling by over 0.50%.
There are signs that the US and Iran will engage in more combat, which may push crude oil prices to the highest level in years. Indeed, Brent and the West Texas Intermediate (WTI) rose to $101 and $97, respectively after reports of huge explosions at Kharg Island.
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Still, on the positive side, Bitcoin has some bullish catalysts, which may lead to more gains in the coming days or weeks. The most notable one is the ongoing accumulation by American investors, who have bought ETFs worth over $1.7 billion this month. They have now added nearly $5 billion in the last 3 months.
Bitcoin has also formed a large ascending triangle pattern, which normally leads to more gains over time. This pattern is made up of a diagonal trendline and a horizontal resistance, and is one of the most common bullish continuation signs in the market. As such, the coin may jump soon to $90,000, which may push the value of its assets to nearly $74 billion.
The ongoing MSTR stock pull back is happening after the company published its financial results on Tuesday. Its numbers showed that it made a loss of over $12 billion in the last quarter after shedding over $14 billion in the previous one.
In a major shift, the firm said that it may be open to selling Bitcoin for the first time. It would do that possibly to fund its dividends or pay back its debt.
Strategy Share Price Technical Analysis
MSTR stock chart | Source: TradingView
The daily chart shows that the MSTR stock price has rebounded in the past few weeks, moving from the year-to-date low of $103 to the current $180. This pullback is happening after it retested the 23.6% Fibonacci Retracement level at $186.8, which is a common scenario.
The stock has moved above the 100-day Exponential Moving Average (EMA), while the Supertrend indicator has turned green for the first time since April last year.
Therefore, the most likely MSTR share price forecast is bullish, with the next important target being at the 38.2% Fibonacci Retracement level at $238. If this happens, the stock will rise 33% from the current level. A move above that price will point to more gains towards the 50% retracement at $280.
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