It’s hard to ignore the correlation between MicroStrategy’s rare pause in accumulation and the loss of momentum at the $80,000 psychological level. You’ve hit the nail on the head regarding the macro climate; geopolitical tensions are currently overriding the "digital gold" narrative as short-term capital flees to the safety of the dollar.

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‎The data clearly shows that when the market's primary "buyer of last resort" steps back ahead of an earnings report, the lack of a liquidity floor becomes painfully obvious for everyone involved.
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‎That being said, I’m feeling a bit cynical about the idea that $BTC "blew its chance." The real issue isn't the asset, it's the over-leveraged long positions that keep betting on a straight line to $100k despite clear warning signs.
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‎While Saylor is just being prudent with his Q1 accounting, the retail panic we're seeing right now feels like a classic case of weak hands being shaken out by the headlines. I suspect we’ll continue to see this ugly chop until the war rhetoric cools down, making $80,000 look like a distant memory for at least another quarter.

$BTC ‌#GateSquareMayTradingShare