Cryptocurrencies loses today, with Bitcoin dumped 4.5% amid concerns over Federal Reserve policy, where we can see fully priced rate cut on September meeting vs June, almost few weeks ago. Rise in yields and US-dollar weighted on Bitcoin sentiments, as well as quite mixed Wall Street toward the Q2 and earnings season. Definitely, we can see some pressure on risk assets, but it's still too early, to say that we will see deeper correction. Bitcoin failed to stay above $70,000 level, which makes the technical situation more complicated for bulls, which seen $175 million in liquidations. Also shares of Microstrategy (MSTR.US) well known as Bitcoin holding are losing almost 7% today, leading to potential bearish head and shoulders price pattern. 

Bitcoin (D1 interval)

A key short term level to observe Bitcoin seems to be SMA50 (the yellow line), at 65,000 USD. A drop below it may suggest pressure to test 60,000 USD again.

Source: xStation5

Microstrategy (D1 interval)

Stock dropped 20% from ATH despite Bitcoin price 10% lower than fresh ATH from the beginning of March. Shares volatility may lead to test 1350 USD area where 38.2 Fibo retracement of the upward 2023 wave is located, as well as the neck line of potentially bearish head and shoulders pattern. On the other hand buying pressure may lead to surge towards 1600 USD level.

Source: xStation5