In a shocking but expected move, Strategy (NASDAQ:) announced that it has sold over $213 million of its holdings. Saylor’s Strategy sold 3,588 BTC to fund preferred dividends. The news created a massive stir in the market, leading to a significant drop in the price of BTC.
The price of Bitcoin dropped rapidly from $64,000 to approximately $61,000. However, BTC has shrugged off the losses following comments from President Donald Trump. The U.S. president announced that he’s become ‘a big crypto guy,’ causing BTC price to rebound from the losses.
Bitcoin Drops As Strategy Sells $213 in BTC
The crypto market initially took a hard hit after some surprising corporate disclosures. The biggest BTC holder Strategy revealed a major sell-off in a recent regulatory filing. The firm dumped a total of 3,588 bitcoins across multiple transactions. 
This massive sale generated roughly $213 million to $216 million in proceeds. Strategy reportedly used these funds to cover its preferred stock dividends and boost cash reserves. This move shocked the community because it broke the firm’s previous promises to never sell its stash.
The sudden wave of supply triggered instant fear among retail traders. Liquidation cascades quickly hit the exchanges. This heavy selling pressure dragged Bitcoin’s price down to just above $61,000. Many market participants feared that a long summer downturn was officially underway.
Trump Says He’s Become a ‘Big Crypto Guy’
When all looked gloomy, there was a big political turnaround that initiated a huge market turnaround. Donald Trump hosted a first-of-its-kind event right inside the Oval Office. He stood alongside top representatives from the New York Stock Exchange and Nasdaq to ring the opening bell.
The historic occasion marked the official launching of Trump Accounts, a government initiative designed to provide investments for American children. During the event, reporters explicitly asked Trump if Bitcoin would be added to these accounts.
The U.S. president responded with immense enthusiasm. “I’ve become a big crypto guy,” Trump stated clearly. He added that he is now a big fan of digital assets. Trump explained that he embraces crypto because he does not want China to take over the industry.
Bitcoin Shrugs Off Strategy’s Sale
Trump’s bullish commentary completely changed the Bitcoin sentiment. Bitcoin quickly shrugged off the lingering panic from Strategy’s corporate sell-off. Bitcoin price began to climb back up, erasing the Strategy losses in hours.
According to CoinMarketCap, BTC price jumped above $64,100 and now sits comfortably in the low $63,000 zone. The recovery is impressive as Bitcoin is up approximately 6% in the last week.
Technical Indicators Are Neutral
According to the Bitcoin indicators on Investing.com, BTC’s outlook appears neutral on the daily chart. Most major technical indicators have settled into the neutral zone. Moving averages and oscillators are currently showing a balanced mix of buy and sell signals.
The RSI (14) and CCI (14) are hovering right in the middle ground, indicating neither bulls nor bears are in control of the market. The MACD confirms that the recent momentum is taking a breather. This setup suggests that the direction of the market could be determined by which of the bulls or bears can generate more momentum first.