Highlights:
- Strategy has bought 245 more Bitcoin worth $26 million, raising its total holdings to 592,345 BTC.
- Bitcoin price has slipped below $105,000, with weak momentum and bearish signs on the chart.
- The $85K-$90K zone is key support, and a drop below it could send Bitcoin towards $75,000.
Bitcoin price has climbed 1.5% in the past 24 hours, now trading at $100,291, on a daily trading volume that dropped 12% to $55 billion.
This BTC price jump comes as Michael Saylor’s Strategy, the largest public Bitcoin holder, buys 245 more BTC worth $26 million. The company now holds 592,345 BTC, worth about $41.9 billion, with an average price of $70,681 per coin.
Michael Saylor says he will keep buying no matter the price and believes Bitcoin could hit $21 million in 21 years. So far this year, Strategy’s BTC investment is up 19.2%, to reach 25% by the end of 2025. But some worry their constant buying could lead to a Bitcoin shortage for new investors.
Bitcoin Price Slips Below $105K as Bears Remain in Control
The BTCUSDT trading pair shows signs of weakness after weeks of sideways movement, with technical indicators pointing to more possible losses ahead. Right now, Bitcoin price is trading around $101,609 after falling from the $110,000 area earlier this month.
The Relative Strength Index (RSI) is sitting around 48.90, which shows weaker momentum for the bulls. With RSI not yet in oversold territory, there’s still room for more downward movement.
The daily chart shows Bitcoin has been moving steadily higher within a bullish channel from around $65,000 in March to over $110,000 in May. But the rally lost steam near $110,000, where a double top pattern appeared, a common sign that prices could soon reverse.
After the double top, Bitcoin entered a consolidation phase, trading between $105,000 and $110,000. But bears eventually pushed the price below $105,000, breaking key support. The price also filled a Fair Value Gap (FVG), which added to the bearish outlook.
Bitcoin Faces Key Test at $85K Support
The next major area to watch is the support zone between $85,000 and $90,000. This zone acted as a strong base for Bitcoin’s rally back in April and could slow down any further declines. If Bitcoin falls below this level, it might head towards $75,000.
For bulls to regain control, Bitcoin would need to climb back above $105,000 and challenge the $110,000 level again. But for now, the price action suggests sellers are still in charge.
In short, Bitcoin is under pressure, and unless the price bounces back soon, the $85,000-$90,000 zone could be tested next. Caution is advised as the market looks fragile.
