MicroStrategy's reserve ratio has reverted to levels last observed in 2019, according to new on-chain data. This metric, which compares MicroStrategy's market value to its Bitcoin holdings, indicates a trend nearing the lower band, historically associated with significant market shifts. The data reveals that while MicroStrategy and Bitcoin moved in tandem from 2019 to 2021, Bitcoin has since outpaced the company's market value. The current approach to the lower boundary suggests potential directional changes in the broader market.