Strategy is back to buying Bitcoin [BTC] after selling a small portion of its holdings last week. Interesting timing, as long-term Bitcoin holders are seeing much lower profits lately than before.
Needless to say, this puts Bitcoin in a tough zone.
Strategy adds 1,550 BTC
So says former CEO Michael Saylor announcement, Strategy acquired 1,550 BTC for approximately $101 million. That brings the total Bitcoin reserves to 845,256 BTC.
The purchase came shortly after the sale of 32 Bitcoin last week. This sale raised too many eyebrows as the company is widely known for its steadily growing numbers.
In addition to this new purchase, Strategy also increased its USD reserves by $100 million, bringing them to $1 billion.
LTH MVRV falls, profits for long-term holders slow
Again, the timing here is quite remarkable, because long-term holders have been too feel the heat.
According to data from Alphractal, Bitcoin’s Long-Term Holder MVRV ratio dropped to 1.26. This suggested that, on average, this group is sitting on modest unrealized gains.
These measurements usually come in difficult phases. In the past, the benchmark would remain low for weeks or even months before a clearer trend emerged. This does not guarantee an outbreak.
Bitcoin may be moving closer to a buy zone, but the market has yet to confirm this.
Bitcoin owns almost $63K
At press time, the price chart also revealed why the market isn’t out of the woods yet. Bitcoin was trading after falling around $63,000, and the short-term trend looked tough.
AMBCrypto previously reported that whale activity near the $60,000 zone has increased. One large holder bought BTC for almost $59.7K and later moved it to Binance for a quick profit.
Here it’s worth noting that taking whale profits quickly may trigger resistance even as Bitcoin tries to recover.
The RSI indicated oversold conditions. Although this can sometimes lead to relief, this does not confirm a full recovery.
The MACD was also negative, meaning the bearish pace had not disappeared either.
Final summary
- Strategy added 1,550 BTC worth $101 million.
- Bitcoin’s trend maintained its weakness as the LTH MVRV fell to 1.26.