Key Insights:
- MicroStrategy and Trump Media have moved $193 million worth of Bitcoin in the last two days.
- Michael Saylor’s Strategy added the 200-WMA metric for tracking BTC price.
- Analysts warned of additional downside risk for Bitcoin with a double-top pattern.
According to the latest on-chain data, MicroStrategy (NASDAQ: MSTR) and Trump Media have recently offloaded their BTC holdings.
Following the rejection at $65,000, Bitcoin has been feeling selling pressure since then. Michael Saylor said that his firm is not tracking the 200 WMA, as the BTC price continues to trade at the crucial support.
Michael Saylor’s MicroStrategy Moves Bitcoins
Michael Saylor’s Bitcoin holding firm, Strategy (popularly known as MicroStrategy), has made no fresh Bitcoin purchases over the past five weeks. The company has also been selling MSTR stock while building its USD cash reserves simultaneously.
Latest on-chain data shows that Strategy might continue with its Bitcoin selling spree moving forward. Arkham Intelligence data revealed that a wallet linked to Strategy transferred a total of 299.84 BTC around nine hours ago. That was worth approximately $18.91 million.
This has raised concerns among investors about whether the company is preparing for another round of Bitcoin sell-offs.
The transfer marks the first movement from the wallet since July 1 to July 5. During this period, MicroStrategy sold approximately 3,588 BTC worth $216 million.
Trump Media Joins MicroStrategy In Bitcoin Selling
Similar to MicroStrategy, a wallet linked to Trump Media has also transferred 2,628 Bitcoins, worth nearly $165 million. This shows that the crypto firm associated with President Donald Trump might be reducing its Bitcoin holdings.
The data from Arkham Intelligence shows that Trump Media initially acquired 11,542 BTC for nearly $1.37 billion. The firm purchased all these Bitcoins at an average price of $118,522 per BTC.
The company reportedly began selling its holdings seven months ago. It has since offloaded a total of 7,281 BTC worth around $545 million, at an average selling price of $74,855.On its remaining Bitcoin position, Trump Media reportedly holds an unrealized loss of nearly $555 million.
Michael Saylor Tracks BTC Price Key Support Level
Michael Saylor added that the firm has added Bitcoin’s 200-week moving average (WMA) tracker to its website. Saylor noted that since the 200-week moving average became available, Bitcoin has traded above the level approximately 92% of the time.
According to Saylor, Bitcoin is currently trading almost exactly at its 200-week moving average. Thus, this becomes a make-or-break situation for BTC as of now.
Crypto market analyst Ardi noted that Bitcoin could form a double-top pattern on the 1-hour chart. It clearly signals a potential short-term bearish setup for BTC.
According to the analyst, the neckline just below $63,000 has emerged as the key lower-timeframe support level to watch. Ardi added that Bitcoin may fail to hold above this support. If the price falls below this support, the crypto could experience a deeper pullback over the next few days.
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