Bitcoin (BTC) hit $77,000 on Friday as business intelligence company Strategy’s corporate treasury returned to profit.
Key points:
- Bitcoin reaches its highest level since May 26 as it revisits $77,000.
- Price returns above the cost basis for Strategy’s BTC corporate treasury at $75,385.
- Around 11% of the BTC supply constitutes a new band of support below $68,000.
Strategy out of the red with Bitcoin at highest since May
Data from TradingView showed new local highs above $77,400 prior to the week’s final Wall Street open.
BTC/USD one-day chart. Source: Cointelegraph/TradingView
Now up around 20% in 48 hours, BTC/USD saw little by way of consolidation as it reclaimed a key level for Strategy, the world’s largest corporate Bitcoin treasury company. Data from monitoring resource BitcoinTreasuries puts the cost basis for Strategy’s holdings of 840,447 BTC at $75,385, currently with a year-to-date gain of approximately $450 million.
Strategy Bitcoin treasury cost basis data. Source: BitcoinTreasuries
As Cointelegraph reported, between Aug. 3 and Aug. 9, Strategy opted to sell a small portion of its treasury worth 1,690 BTC to repurchase 1.15 million shares of its STRC preferred stock for $108.6 million. The move represented the company’s fourth Bitcoin sale of 2026.
Concerns over the long-term viability of the company’s Bitcoin investment thesis accompanied the sales, something that the subsequent BTC price run-up should help alleviate, independent crypto analyst William Clemente suggested.
“Not only should Saylor/Strategy fears have been abated for a while once he showed that he was willing to sell BTC to rebuy STRC, but now after this price impulse they are even more over-collateralized by their BTC holdings,” he wrote on X, referring to former CEO Michael Saylor.
In an interview with Fox News earlier in August, current CEO Phong Le stated that Strategy would return to buying Bitcoin before the end of the year.
New BTC buy wall sits below $68,000
Amid misgivings over the durability of Bitcoin’s volatile upside move, analysis from onchain analytics platform Glassnode revealed a new safety net forming below $70,000.
Related: Bitcoin has ‘largely purged’ froth that preceded 50% drop from $126K: BlackRock
Some 3.44 million BTC now have an onchain cost basis, also known as realized price, between $58,000 and $67,000. Of this, 2.23 million BTC — equal to around 11% of the total supply — was added over the past 11 weeks.
“It’s the densest cost-basis cluster below spot — a key potential support zone on any retracement,” Glassnode cofounder Rafael Schultze-Kraft commented on X.
Bitcoin UTXO realized price distribution data. Source: Rafael Schultze-Kraft on X.com
BTC/USD broke through several key resistance levels this week, including its 200-day simple moving average (SMA) at $68,967, a key target to reclaim to end the long-term BTC price downtrend.