The S&P and Nasdaq both hit new highs yesterday. Considering the high correlation between Bitcoin and U.S. stocks, I am also more confident that Bitcoin will reach new highs next!

However, MicroStrategy is currently facing at least five class action lawsuits initiated by law firms, accused of making public statements related to its Bitcoin investments that allegedly constitute securities fraud.

These lawsuits stem from Strategy's purchase of $7.7 billion in Bitcoin in the first quarter of 2024, which resulted in nearly $6 billion in unrealized losses due to the drop in coin prices. Currently, Strategy has responded in SEC filings stating that it will actively address the relevant accusations but cannot predict the outcome of the cases.

These lawsuits may have a certain adverse impact on Bitcoin's short-term trend.