MicroStrategy has completed a $2.52 billion preferred stock IPO and immediately purchased 21,021 bitcoins at $117,256 each, exerting significant institutional buying pressure. This acquisition is seen as a major support at the $114 price level, explaining the stability of open interest during the recent rebound. The community remains divided on market direction, with key levels at $116 as support and $118 as resistance. Concerns persist that without such institutional inflows, prices could easily fall to $115 or lower, highlighting the market's reliance on corporate capital allocation.