Crypto Daily - While Bitcoin ($BTC) has been consolidating around $100,000 for nearly three weeks, Microsoft (NASDAQ:MSFT) and Amazon (NASDAQ:AMZN) shareholders are considering whether to add Bitcoin to their respective balance sheets.
Microsoft shareholders vote on Tuesday
Tuesday marks the day when Microsoft shareholders will vote on the proposal to add Bitcoin to the balance sheet of the tech giant. Given Bitcoin’s upward price momentum over the last couple of years, and with the likes of Blackrock (NYSE:BLK) and other trusted funds buying Bitcoin hand over fist for the last eleven months, it might be guessed that Microsoft shareholders would also be keen to dip their toes into this new world of sound digital money.However, for such a tech leviathan as Microsoft to move any of its treasury into Bitcoin would be a very large step indeed. Especially considering that the Microsoft board of directors has specifically counselled shareholders to vote “no” to the proposition.
That said, Michael Saylor, Chairman of MicroStrategy, which holds the largest amount of Bitcoin of any company treasury, managed to convince the Microsoft board to show a short 3-minute video of the advantages of adding Bitcoin to its treasury, during their shareholder meeting on Tuesday.
Saylor said that three minutes was probably not enough for such an important consideration, so he decided to release the video he made across social media, so that shareholders would be able to see it and digest it properly before the vote.
Amazon shareholders say board has a fiduciary responsibility
Meanwhile, the board of commerce giant Amazon is also being asked to diversify its treasury by adding Bitcoin. A shareholder proposal urges theAmazon board to build at least a 5% treasury holding in Bitcoin. The proposal goes as far as to say that even though Bitcoin is volatile, the board has a fiduciary responsibility to add it to the balance sheet, given the likelihood that it will appreciate over time a lot more than bonds, or other such traditional assets.
$BTC correctional phase continues
Source: TradingView
The $BTC price is still in a correctional phase. The short-term time frame shows that the price has just dipped under the 0.382 Fibonacci and that it may be coming down to stronger support at the 0.5 Fibonacci, and could also make a retest of the top of the triangle. The 0.618 Fibonacci is also at a strong horizontal level, and this would have the extra support of the bottom trendline of the triangle.
$96,000 could be the bounce level
Source: TradingView
Looking at a very simple $BTC chart on the daily, it can be seen that there are three main horizontal support lines for the price action over the last month or so. The bears are currently battling with the first line, and if this breaks, the price can head down to the second, thicker line. This is in bold because it corresponds with the 0.618 fibonacci.
If one takes into account the ascending trendline - where this bisects the middle support line would be a great place for the bulls to hold the line. A bounce here could then potentially confirm a continuation of the upward trend.
If the correction continues below, the last line in the sand would be the bottom of the three horizontal support lines. Just below this a lower low could be made, and a much deeper correction might ensue.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.