- The first Bitcoin sale by Strategies Company in four years:

Michael Saylor Strategies, formerly known as MicroStrategy, announced its first-ever sale of 32 Bitcoins last week, after selling 704 Bitcoins in December 2022 to generate tax returns, which were repurchased within two days. However, this most recent sale is likely to be used to fund the preferred stock dividends scheduled to be paid out on June 30.

An 8-K report also reveals that Strategy still holds 843,706 Bitcoins as of Sunday, obtained at a total cost of $63.87 billion. This reflects an average purchase price of $75,699 per Bitcoin, putting Strategy in an unfavorable financial position.

- Sharp decline in Bitcoin value:
Bitcoin’s price fell below $72,000 as of Monday at the time this report was written, driven by news of heavy selling published by “Strategy.” Bitcoin maintains a short-term downtrend, stabilizing below the 50-day and 100-day exponential moving averages, which are positioned around $76,052 and $76,505 respectively, while the 200-day exponential moving average, close to $81,086, remains far above the resistance level as a wider price ceiling.

Momentum remains fragile, with the Relative Strength Index (RSI) at 31 on the daily chart, hovering just above the overbought/oversold extreme zone for selling, while the Moving Average Convergence Divergence (MACD) indicator is taking hold in negative territory, indicating that downward pressure will continue despite the possibility that the market may become oversold.

As for the downside, immediate support lines up with the upward trendline around $71,329, which is now acting as a near-term floor to watch in anticipation of a deeper drop.

BTC/USDT Chart Analysis (Binance)
Daily BTC/USDT price chart.

On the upside, any rebound will face initial resistance at the 50-day exponential moving average near $76,052, followed by the 100-day exponential moving average around $76,506, while a more decisive recovery would require a break above the 200-day exponential moving average at approximately $81,087 to ease the broader bearish bias.
$BTC ‌