Strategy emerges as key swing factor for Bitcoin rally, Bitfinex says

Bitcoin has climbed above Strategy’s $75,385 average purchase price after gaining roughly 24% last week, making the company’s next treasury decision a key test for the rally, according to Bitfinex analysts. Summary Bitcoin’s weekly close and retest above $73,500 could confirm the recovery, Bitfinex analysts said. Strategy held 840,447 BTC unchanged last week despite raising about $2 billion through MSTR sales. Bitfinex placed the next major Bitcoin cost-basis barrier near $86,500. Network activity remains near eight-year lows, leaving the rally dependent on sustained spot demand. Bitfinex analysts told crypto.news that Strategy’s treasury activity has become a key signal after the company stopped selling Bitcoin shortly before BTC broke out of its summer trading range. The company, which remains the largest publicly disclosed corporate Bitcoin holder, had sold BTC over several weeks to meet obligations connected to its preferred securities. Strategy then reported no purchases or sales for the week ending Aug. 16, removing a source of supply as Bitcoin prepared to move above its range. Price action has since carried BTC above Strategy’s average acquisition cost for the first time si...