Although MicroStrategy made a large purchase of Bitcoin, it failed to drive the price of Bitcoin up, and instead continued to consolidate sideways, indicating that the selling pressure for Bitcoin is also quite strong.
After a half-month period of sideways consolidation, the daily Bollinger Bands for Bitcoin have narrowed significantly, which usually indicates that a major price movement is about to occur. Considering that selling pressure has been dominant over the past half month, the likelihood of a downward price movement is high.
A similar situation occurred in late February this year.
