MSTR Market Analysis June 12, 2026 From a fundamental perspective, the core issue of MSTR now is not the disappearance of BTC narrative, but the simultaneous suppression of stock prices in three dimensions: BTC decline, rising financing costs, and shrinking valuation premiums. The company is still implementing the mainline of "continuously increasing BTC holdings", but this also brings a problem - MSTR is too deeply affected by BTC price fluctuations. Q1 Company recorded a significant unrealized loss due to the decline in fair value of BTC, resulting in a net loss of $12.54 billion at the financial report level. The market is increasingly concerned about the funding structure of MSTR. From a technical perspective, the decline starting from 543 is at the same level as the upward trend from 12.24 to 543, and they belong to the monthly level market trend. The recent focus is on observing the gains and losses of the 116.2 position. If the K entity falls below this position for two consecutive weeks and cannot recover in the future, MSTR may accelerate its decline. After finding the endpoint of the decline starting from 543, MSTR will have a rebound market targeting this period of decline starting from 543 (blue segment in the figure) or a monthly line level rise at the same level as 12.24-543 (red short on the right side of the figure). The key to distinguishing between the two is the gain or loss of the 38.5 life line.