Bitcoin is climbing into a new territory after absorbing all the selling pressure resulting from the strategy selling 3,588 Bitcoin for about $216 million over four days, from June 29 to July 5.
President Trump has fueled the move by publicly declaring himself as the “Big Crypto Guy” and declaring that the United States is “taking control of cryptocurrencies.” “It is a huge industry, and it is also a possibility for treasury accounts linked to digital assets,” he added.
The strategy’s BTC sales led to a decline in the price of Bitcoin
Details were confirmed in an SEC filing. Between 29 and 30 June The strategy sold 1,363 Bitcoin for $80.8 million And an additional 2,225 BTC for $135.2 million from July 1 to 5. The company currently has 843,775 Bitcoin on its balance sheet and reserves of $2.55 billion.
The sale is part of a larger move previously reported by CoinGape. The digital credit framework the strategy is currently working on will enable it to sell up to $1.25 billion in bitcoin to buy back its digital credit instruments.
Government of Bhutan. It also sold for about $43 million Bitcoin value just two days ago causing downward pressure.
BTC Technical Analysis: $65,000 Acts as Major Resistance
Bitcoin’s 4-hour BTC/USDT chart shows that it was consolidating around the $58,500 – $59,500 demand zone.. The price settled in that zone for a few days until it broke out and moved strongly to the $64,000 price level.
The RSI (4-hours) is in the neutral zone near 67. With this, Bitcoin is moving into the bullish zone but is not in the overbought zone yet. The next resistance level is $65,000. Key support is just below $61,500.
A significant break above $65,000 indicates that a move to $68,000 and above is possible. It will likely pull back to $61,500 if it consolidates here and then make another attempt higher.
What comes next for Bitcoin?
Trump’s crypto comments coupled with the huge sub-$60k demand have absorbed all the selling pressure. The next immediate test will be the $65,000 resistance level. A clear break above it, especially when the RSI remains below 70, will provide some breathing room for Bitcoin.
It will be interesting to see if the rest of Strategy’s digital credit selling strategy puts more pressure on supply in the coming weeks, but the market has shown it can absorb that kind of pressure.
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