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While Bitcoin continues to keep testing the closed door around $60,000, preparing to stay below that level for an extended period, Michael Saylor and his company Strategy have come under legal pressure.
Yesterday, media reports said Rosen Law Firm announced it is preparing a class action lawsuit against Strategy and is investigating the company's securities across five instruments: common shares (MSTR) and four classes of preferred stock — STRF, STRC, STRK, and STRD. The suit is based on suspicions that materially misleading business information was disseminated, causing investor losses. The firm is inviting affected holders of Strategy securities to join the class action to recover losses. Rosen Law Firm specializes in these cases and has a successful history of recoveries against public companies, which makes the threat substantial rather than merely declarative.
Interestingly, the suit has appeared at a moment when Strategy's position looks the most vulnerable in the history of Saylor's bitcoin strategy. The unrealized loss on its Bitcoin position reached $14 billion after prices fell to $58,200. STRC preferred shares trade below par, putting growing pressure on dividend payouts.
Lately, many market participants have publicly urged Saylor to pause accumulation and let the market reset. Peter Schiff even called the model a bubble, and now lawyers have joined the critics with specific complaints about the quality of disclosures.
A securities class action in the US is a serious instrument with potentially significant consequences for a company. If Rosen Law Firm can prove that Strategy intentionally or negligently misled investors about the risks of its bitcoin strategy, its leverage, or the prospects for its preferred shares, the company could face multimillion-dollar (or larger) payouts.
Trading recommendations
Bitcoin
Buyers are now targeting a return to $60,800, which opens a straight path to $62,600 and then to $64,000; a break above that would signal attempts to re-establish the bull market. On a drop, I expect buyers at $59,600. A move back below that area could quickly push BTC toward $58,200. The farthest target would be around $56,100.
Ethereum
A clear hold above $1,568 opens a direct path to $1,645. The farther target is the high near $1,725; a break above that would indicate strengthening bullish sentiment and renewed buyer interest. On a decline, I expect buyers at $1,515. A move back below that area could quickly send ETH toward $1,433, with the farthest target around $1,338.
What's on the chart
Price testing or crossing any of these moving averages often either halts movement or injects fresh momentum into the market.
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