Karla Barker 
Strategy, the company formerly known as MicroStrategy, made a notable shift this week. It repurchased $176 million of its preferred stock. The firm also confirmed it did not buy or sell any bitcoin over the past week, according to its regulatory filing. That is a change from its long-running habit of adding to its bitcoin holdings. The announcement appeared to weigh on shares. MSTR closed at 136.52 on September 8, down from an intraday high of 139.31.
Preferred Stock Buyback Expands
Strategy also expanded its STRC preferred stock buyback program. The move gives the company another way to manage its capital structure, though it may not sit well with investors who expect steady bitcoin accumulation. The stock traded lower after the news. Some of that weakness likely came from the broader market. The S&P 500 and Dow slipped at the open as traders weighed elevated Fed rate hike bets. Brent crude moved toward $100 per barrel after Iran threatened Gulf energy infrastructure. Bitcoin was rejected near $82,000, and that pulled crypto-linked equities down together. COIN and CRCL fell alongside MSTR.
Daily Trend Still Holds Above Key Averages
On the daily chart, Strategy stock is still above its 20-day EMA at 122.02 and its 50-day EMA at 115.29. The daily RSI sits at 61.37, which suggests momentum remains constructive but not overheated. The daily MACD line is above its signal line, with a positive histogram. That supports the case for a recovery attempt. But the 200-day EMA at 158.41 is still far overhead. The longer-term trend has not turned bullish. The daily pivot sits at 137.07, with resistance at 138.76 and support at 134.83. Price closed just below the pivot, so buyers did not finish the session in control.
Hourly Chart Shows Short-Term Fatigue
The hourly setup is less encouraging. Price at 136.51 is below its 20-period EMA of 137.52, though it remains above the 50-period EMA at 133.23 and the 200-period EMA at 116.72. The hourly RSI is near 49.83, basically neutral. More important, the hourly MACD has crossed below its signal line. That bearish crossover clashes with the still-positive daily MACD. Hourly Bollinger Bands show price near the lower band, and the hourly pivot at 136.65 sits just above the close. Support at 135.97 is the first level to watch. A break below it would put the daily support at 134.83 in focus. If that gives way, the near-term bullish tilt would weaken. For bulls to regain ground, MSTR needs to reclaim 137.52 and push back above the daily pivot at 137.07. A move through 138.76 would help confirm that the daily uptrend is reasserting itself. Until then, the stock looks caught between a constructive daily trend and a cautious short-term picture. The bitcoin buying pause adds another layer of uncertainty for investors who track MSTR as a proxy for crypto exposure.