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Bitcoin fell sharply after Strategy reportedly sold a small amount of BTC, raising fears that key support near the company’s average purchase price could break.
Bitcoin is under renewed pressure after FXStreet and CoinReaders reports said Strategy, formerly MicroStrategy, sold 32 BTC from its holdings.
The sale was small compared to the company’s overall Bitcoin position, but it carried major symbolic weight. Michael Saylor has long been known for his aggressive pro-Bitcoin stance and repeated calls for long-term holding.
According to reports, the sale was tied to raising cash for preferred-share dividend payments. The news hit sentiment at a sensitive moment, as Bitcoin was already struggling after failing to break through the $81,000 to $82,000 resistance area.
Bitcoin then dropped further, with traders watching the $65,000 to $66,000 range as a critical short-term support zone. Strategy’s reported average Bitcoin purchase price is around $66,384, making that area especially important psychologically.
Technical analysts cited in the report warned that Bitcoin has already fallen below the weekly 50% Fibonacci retracement level near $70,900.
If Bitcoin fails to hold the $65,211 support area, the next major downside level could be near $57,800, where the 61.8% Fibonacci retracement and anchored VWAP from the 2022 low reportedly overlap.
Despite the current pressure, some investors still believe Bitcoin could recover if major pro-crypto policies advance in Washington, institutional ETF inflows continue, and the stablecoin ecosystem expands.
For now, the market is focused on whether Bitcoin can reclaim the $66,000 to $67,000 range. Until then, selling pressure may remain in control.
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