Bitcoin’s price fell below $87,000 by the weekend’s end, marking a nearly 2% decline within 24 hours as leveraged crypto positions worth approximately $200 million were liquidated in the past hour, according to Coinglass data. The cryptocurrency reached $86,751 amid a trading volume of about $38 billion. Bitcoin’s price stood roughly 4% below its seven-day high of $89,935 and near the weekly low of $87,152. The circulating supply is close to 19.96 million BTC out of a maximum supply of 21 million, resulting in a market capitalization of around $1.73 trillion, down 2% on a daily basis.
Over the past week, Bitcoin’s price dropped from the lower $92,000 range to near $87,000 due to low liquidity and sustained selling pressure. The decline below $90,000 during the typically quiet Sunday session has heightened bearish sentiment, especially as investors remain cautious ahead of upcoming US economic reports and central bank policies.
Meanwhile, publicly traded Bitcoin holding company Strategy announced a purchase of approximately $1 billion worth of Bitcoin last week, acquiring 10,645 BTC at an average price of $92,098 per coin. This brings the company’s total holdings to about 671,268 BTC, acquired at a cost of roughly $50.33 billion. The majority of this purchase was funded through equity, raising $888.2 million via common stock sales. Strategy’s Executive Chairman Michael Saylor has accelerated Bitcoin acquisitions despite recent market volatility, underscoring the company’s strong conviction in long-term investment.
Additionally, Strategy has maintained its position in the Nasdaq 100 and opposed new digital asset standards that could potentially exclude Bitcoin holding companies from the index. Despite current market weakness, Strategy has posted a 24.9% gain so far this year, reflecting its commitment to long-term investment. Bitcoin currently trades near $86,770, with future market direction dependent on upcoming economic data and global financial conditions.
Source: bitcoinmagazine
