Michael Saylor, the $BTC fan, saw his company MicroStrategy decline by 11% today. The chart is at an important support level around 250, and if it breaks, it has the potential to drop to 180, but if it bounces back from here, it could breathe up to the 350 level. MSTR's weak appearance naturally has a negative impact on cryptocurrencies as well. The large firms that have almost monopolized Bitcoin like MicroStrategy are experiencing some payment difficulties, which directly affects the crypto markets.

MSTR repurchased over $1 billion of convertible bonds at a base of $147 per share. Many institutions cannot hold the stock and have to sell. When they do this, the stock price comes under pressure - along with Bitcoin. Then, they reload and repeat the cycle, simply securing a lower cost basis than they would have if they had held on to it. This kind of financial engineering creates a 'virtuous' cycle until it collapses.