Michael Saylor "Strategy, No Bitcoin Purchase This Week"

▲ Michael Saylor, Bitcoin (BTC)/AI Generated Image

Strategy, the largest corporate holder of Bitcoin (BTC), has halted its month-long streak of Bitcoin purchases.

CoinGape reported on May 3 (local time) that Michael Saylor, chairman of Strategy, officially confirmed that the company did not purchase any additional Bitcoin this week. Saylor shared an 'orange dot' chart on X (formerly Twitter) marking Strategy's Bitcoin purchase points, stating, "No purchases this week." While the cessation of weekly purchase news temporarily dampened market sentiment, Saylor added, "I'll be back to work next week," hinting at a resumption of purchases soon.

Strategy had made a large purchase of Bitcoin last Monday, investing $255 million. At the time, the average purchase price was $77,906, securing a total of 3,273 BTC. By skipping purchases this week, Strategy's total holdings remained at 818,334 BTC. The average purchase price of its entire holdings is $75,537, which, when converted to current value, amounts to an astronomical sum of approximately $64.44 billion. Compared to the purchase of $2.54 million worth on April 20, the recent purchase volume has shrunk by about 90%.

Despite the news of Strategy halting its purchases, Bitcoin's price is showing strong support above the $78,000 level. As of May 3, Bitcoin was trading at $78,628.93, up 0.38% from the previous day. Market experts are noting that Strategy's temporary hiatus did not lead to a price collapse. The analysis suggests that despite a slight slowdown in buying momentum, real demand from individuals and institutions is ensuring downward rigidity.

Cryptocurrency analyst Michaël van de Poppe identified $79,000 as Bitcoin's next key resistance level. Van de Poppe predicted that if this level is successfully breached, the price would enter a resistance zone between $86,000 and $88,000. If further upward movement occurs, the $92,000 to $94,000 range is expected to be the next target. Conversely, $75,000 is currently acting as the most important support level, and if this line is broken, Bitcoin's price could see a significant decline.

Strategy's Bitcoin purchase strategy has become an important benchmark for gauging the market's direction. The speed at which Bitcoin reclaims the $80,000 mark is expected to be determined by whether Saylor resumes purchases next week as announced. The market is currently consolidating energy ahead of breaking key resistance levels, preparing for new volatility expansion.

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