In the world of cryptocurrencies, a thrilling drama is unfolding in the Bitcoin market. In 2025, MicroStrategy swept the Bitcoin market in an almost frenzied manner, becoming a giant whale that stirred the storm. Judging by the data, the "buy, buy, buy" model of microstrategy can be called terrifying. This year, it bought 77% of all bitcoin buyers, completely rewriting the pattern of corporate cryptocurrency holdings. In just one week, from May 12 to May 18, MicroStrategy once again spent $764 million, pocketing 7,390 bitcoins, with an average purchase price of $103,500. As of now, MicroStrategy holds 576,000 bitcoins, with an average cost of only $70,000. Compared with the current market chip distribution, the recent chip concentration area is only about 2.4 million, and the position size of microstrategy undoubtedly occupies a pivotal position in the market. Its frenzied buying behavior not only pushed the price of Bitcoin up, but also aroused great attention and heated discussions in the market.

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At the same time, the relationship between supply and demand in the bitcoin market is also showing an intriguing change. As the price climbed, the stock of bitcoin on exchanges not only did not increase, but continued to decrease. Behind this phenomenon, more and more investors are choosing to withdraw bitcoin from the exchange to their personal wallets. This behavior sends a strong signal that market participants are confident in the long-term direction of bitcoin and prefer to hold it firmly in their hands and wait for a further burst of value than to leave it on the exchange, ready to sell at any time. From the perspective of investor structure, the market shows a clear differentiation trend. Short-term investors have become an active force in market trading, and they have a keen sense of the market, frequently changing hands in short-term price fluctuations, trying to capture every opportunity to make a profit. In the face of market changes, early investors chose to continue to hold, firmly believing that the value of Bitcoin will continue to grow, and are not in a hurry to sell their chips at the current price. This kind of "static and motionless" investor behavior together constitutes a unique landscape of the current Bitcoin market.
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However, the high returns in the Bitcoin market are often accompanied by high risks, and its price movements are easily influenced by external factors. In the current market environment, nothing seems to be more influential than U.S. President Trump's tweets. One tweet can cause U.S. stocks to plummet by 20%, triggering violent turmoil in the crypto assets market; another tweet can quickly warm up the market, causing prices to soar by 20%. This unpredictable volatility leaves investors both excited and fearful. The market seems to be manipulated by an invisible hand, filled with unknowns and uncertainties, and the owner of this hand appears to be Trump. It is worth noting that the severe turbulence in the market in the first half of this year has taken a heavy toll on retail investors. Data shows that 250,000 Bitcoins held by retail investors "disappeared" during the turbulence, either due to panic selling or operational errors, and these chips ultimately flowed into the hands of large investors. Meanwhile, large investors seized the opportunities presented by market fluctuations, continuously bottom-fishing and further consolidating their positions in the market.
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In this game of the Bitcoin market, the Whale effect of MicroStrategy, the different choices of investors, and the interference of external factors together weave a complex and opportunity-filled market landscape. For investors, seizing opportunities in a market full of uncertainties requires not only accurate judgment of market trends but also strategies and determination to cope with extreme market conditions. The story of the Bitcoin market continues, and we await what kind of brilliance will unfold in the future.
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In the short term, Bitcoin is generally showing a fluctuating upward trend, but the recent pullback risk cannot be ignored. In the short-term trend, the appearance of a top formation and a flat top pattern releases a relatively clear signal of downside risk. The top formation consists of three K lines, with the highest and lowest points of the middle K line being the highest and lowest among the three K lines, indicating that the bulls are facing strong resistance from the bears after attempting to push up; the flat top occurs when the highest points of two or more K lines are at the same horizontal level, showing heavy selling pressure above. The existence of these patterns suggests that the market may face adjustments in the short term. Furthermore, the strong unilateral strength exhibited by the current K line pattern may also lead to more intense short-term fluctuations; if one is not careful, it may fall into the dilemma of chasing highs and killing lows. Pay attention to the resistance level at 106500-107000 and the support levels at 103500—102000—100800.