Strive (NASDAQ:) has boosted their BTC holdings with a new $61.43M purchase. This has all happened amid sideways action. Check the details and what it may mean for the BTC price.
Institutional interest in is going up, even as the price of BTC stalls. Notably, Strive revealed that they have boosted their BTC holdings with a new purchase of 789 BTC. This purchase was valued at $61.43M and now their BTC holdings sit at 14,557 tokens. Amid all this development, the value of BTC has been struggling to maintain any bullish momentum.
Another Big-Time Bitcoin Purchase
According to a recent X post by Matt Cole, the Strive chairman, this company spent $61.43M to buy 789 BTC. As a result, Strive now holds 14,557 BTC as a whole. This is a big step up from its early April holdings, when they reported a 13,741 BTC treasury. At current market prices, this treasury is now valued at over $1 billion.
Strive’s rapid accumulation is what makes this move special. In just months, the company managed to become one of BTC’s top ten publicly traded corporate holders (as per Bitcointreasuries.net). This leap has been made possible by a series of equity raises and preferred stock offerings.
Like its peers, Strive has chosen aggressive and fast moves over gradually stocking up on BTC. This shows that they consider the current value of BTC as a great entry point. Plus, it appears to be choosing accumulation during periods of consolidation instead of waiting for more bullish signs.
Bitcoin Fails To Maintain Bullish Momentum
When it comes to the price of BTC, it has been trading flat recently. CoinMarketCap shows that its value saw a slight rise from $76,230 to $76,900 in the past seven days. At one point, BTC even managed to soar to $79,000 but it got rejected and fell from that level. For Strive, these periods can seem like a good time to buy.
Bitcoin is currently facing immediate resistance in the $77,600 – $78,000 range. If the price manages to soar past these levels, a move toward $88,000 or the $100,000 psychological level may come. On the other hand, the key support levels sit at $73,500 – $74,000. A dip to $70,000 may come if bears push the value below these levels.
Technical Indicators Show Bearish Signs
The technical analysis for BTC is painting a more negative picture. Investing.com data shows that its 14-day RSI indicator now has a value of 44, which suggests that the momentum is slightly bearish. But, it is worth mentioning that it is still not in its oversold zone which is under 30.
Furthermore, the MACD (12,26) indicator also has a value of -101. In other words, the 12-day EMA is dropping faster than the 26-day EMA which confirms the downtrend. These factors combined suggest short-term caution for Bitcoin.
What This Means for the Market
Strive’s massive purchase can have a big impact on the market over time. More BTC going into company treasuries lowers the amount of BTC available on the market. This can drive the price of BTC up as time passes.
Meanwhile, traders are hesitant and continuing to play it safe with the current movement of the price and all the indicators looking bearish. But what is certain is that institutions like Strive appear to be positioning early for long-term gains.