Bitcoin has reclaimed the $84,500 threshold, currently trading at $84,589 with a 2.21% gain over the past 24 hours.
This rebound followed remarks from MicroStrategy (MSTR.US) Executive Chairman Michael Saylor, who posted "the bull market is calling" on the X platform, accompanied by an image of a suit-wearing bull approaching him as he slept. While no specific price target or timeline was provided, the post significantly strengthened optimistic sentiment in the market.
Market participants are closely scrutinizing the sustainability of this breakout.
Cryptocurrency trading expert Altcoin Sherpa questioned on the X platform whether BTC can hold this level, noting the distinction between short-term price increases and a substantive shift in market structure. For bullish traders, maintaining recently recovered price levels is a critical support for further gains; however, trading volume, liquidity, and the broader financial environment remain core variables that traders are watching before confirming a sustained rebound.
Compiled data shows that MicroStrategy (MSTR.US) purchased 267 BTC between October 12 and 18, spending approximately $22.1 million in total, at an average unit price of $82,900 including fees. As of the disclosure, the company holds a total of 848,517 BTC, valued at approximately $64.02 billion. Of the funds used for this purchase, $22 million went toward buying BTC, with the remaining $100,000 coming from cash reserves.
Notably, during the same period, MicroStrategy (MSTR.US) also spent $193.1 million to repurchase STRC (STRC.US) preferred stock, an amount roughly 8.7 times the funds allocated to the new BTC purchase. The board also raised the digital credit securities repurchase authorization from $2 billion to $3 billion.
Large-scale institutional accumulation combined with optimistic executive statements together form the foundation for current price support, but true confirmation of a market structure shift still requires more data verification. This marks an important juncture for Bitcoin as it once again tests a key resistance level following multiple prior fluctuations.
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