The Bitcoin price is trading at $108,513 after jumping 1.5% in the last 24 hours on a 26% surge in trading volume to $37 billion.
Bitcoin Price Jumps as Strategy’s BTC Holdings Hit $63.6B
This recent jump in Bitcoin price comes as Strategy co-founder Michael Saylor confirmed the company has now bought Bitcoin for 11 straight weeks, a streak that began on April 14.
Their latest purchase was 245 BTC worth $26 million on June 23. With this, Strategy’s total Bitcoin holdings have climbed to 592,345 BTC, valued at over $63.6 billion, making it the largest corporate Bitcoin holder by far, with more than twice the amount held by the next 20 public companies combined.
Saylor remains a strong Bitcoin advocate, recently saying, “In 21 years, you’ll wish you’d bought more.” Some experts believe Strategy’s aggressive buying could drive Bitcoin prices higher by tightening supply.
However, others caution that newer companies following the same strategy, especially those relying on loans, could be at risk if the market dips.
A report by venture capital firm Breed indicates only large, well-established players like MicroStrategy are likely to survive the next Bitcoin downturn. The report praises Strategy’s disciplined approach, even during bear markets.
Bitcoin Price Breaks Out of Sideways Zone, $130K Target in Sight
The BTCUSDT daily chart shows signs of strength as its price climbs above $108,500, with traders watching for a possible rally toward $130,000. After weeks of moving sideways, Bitcoin is now breaking out of a consolidation phase that followed its new all-time high (ATH).
The chart also indicates Bitcoin was stuck in a downtrend earlier this year, forming a falling wedge pattern. This trend ended around mid-April when BTC found strong support and created a double-bottom pattern. After that, Bitcoin broke out of the wedge and started moving higher.
BTC is in a consolidation zone between $100,000 and $110,000. This sideways movement has given the market time to settle and build strength. However, the price is attempting to break out of this range, which could open the door for another big rally.
Bitcoin Price RSI Shows Strength
The Relative Strength Index (RSI) is currently at 59.34, indicating there’s still an opportunity for buyers to push the price upwards before the market becomes overbought.
The recent RSI bounce also shows buyers are returning. In addition, Strategy’s ongoing Bitcoin buying streak has reduced supply and increased investor confidence.
If Bitcoin price crashes above $110,000, the next target is $130,000, but traders should stay cautious of false breakouts.
