Bitcoin [$BTC] may still be moving through a fearful market, but the bigger fish are not playing around. However, patterns that indicate local bottoms have been spotted.
With all this uncertainty around the first crypto, will it push further up?
Strategy adds $2B in $BTC, holdings cross 843K
The first Bitcoin treasury’s ambitions are very much alive still. According to Strategy’s latest Form 8-K filing (dated 18 May), the company acquired 24,869 $BTC for about $2.01 billion.
That puts the average purchase price for this round at roughly $80,985 per Bitcoin. Thanks to this addition, Strategy’s total Bitcoin holdings have now reached 843,738 $BTC.
According to the company, these coins were acquired for about $63.87 billion in total, at an average price of around $75,700 per Bitcoin.
AMBCrypto previously reported that Strategy’s Michael Saylor hinted at this purchase a day prior.
A possible local bottom?
This latest buy is happening close to its own average Bitcoin cost basis. This makes the current price zone psychologically important.
The market capitulation index also showed that stress may be rising again. Especially since past spikes have almost always come before near local Bitcoin bottoms.
Short-term holders (STHs) are under pressure right now, but long-term holders (LTHs) seem to be holding firm. Leverage is being flushed from the market too.
That mix has mattered before. When fear gets extreme, retail traders exit, and larger buyers step in. Bitcoin has often found short-term support then. It does not guarantee a rebound, but it’s safe to assume that the current weakness may just be close to accumulation than anything else.
Bitcoin’s price needs a rebound alarm
For now, Bitcoin’s still under pressure. The crypto was trading near $76,500 at press time, after a pullback from the $82,000-area earlier this month.
The daily RSI went to around 44, with weak pace. However, the market wasn’t overbought.
The DMI also indicated caution. The bearish line was still above the bullish line, with moderate trend strength. That suggested that sellers may still be in control in the short term.
So, while there’s a case for the bottoming argument, the price action has not fully confirmed it… yet. A move back up above the recent breakdown zone would be the first sign that buyers are taking control again.
Final Summary
- Bitcoin treasury giant Strategy added 24,869 $BTC worth $2 billion.
- We’re seeing possible local-bottom conditions, though $BTC’s price hasn’t confirmed it yet.
