- The Bitcoin price is trading at $64,800 with resistance at $65,188 to $65,340 on the 4-hour chart.
- The strategy bought 1,690 BTC worth $108.6 million and used the money to buy 1.152 million STRC stocks.
- The strategy has 840,447 BTC in its portfolio, having sold 3,328 BTC for $213.3 million in two recent transactions.
Bitcoin price remained near $64,800 on Aug. 10 as the cryptocurrency faced resistance above $65,000 while Strategy sold another 1,690 BTC to fund purchases of its STRC preferred stock. Bitcoin was trading at $64,831, down 0.18% over 24 hours, with a market capitalization of $1.3 trillion and 24-hour trading volume of $16.15 billion, representing a 31.68% increase.
On the 4-hour chart, Bitcoin traded around $64,821 after the latest candle declined 0.39%, keeping the price below several nearby resistance levels while remaining above key technical support.
Bitcoin Price Faces Resistance Near $65,300
The Bitcoin price has remained in a relatively narrow range after recovering from lower levels on the 4-hour chart. Resistance is spotted at $65,340, but according to another chart, there is resistance near $65,188, and the price action has been facing the $65,200-$65,300 range.
The latest technical readings provide:
- Bitcoin trading in the range of $64,821-$64,831
- Resistance located within $65,188-$65,340
- Support located at $64,525, $64,224, $64,71
The price of bitcoin is trading above the 20, 50, 100, and 200-period exponential moving averages at levels of $64,862, $64,525, $64,314, and $64,224, respectively. The price is, however, slightly below the 20-period EMA at $64,862, while remaining above the longer-period averages.
Source: Trading View
The Relative Strength Index stands at 52.11, compared with an RSI moving average of 58.66. The reading places momentum above the midpoint but below its moving average.
Bitcoin Price Technical Levels Remain Closely Watched
Another 4-hour chart places Bitcoin below the $64,950 midpoint and the 0.236 Fibonacci level at $64,979. The chart identifies $64,712 as nearby support.
A move above $65,188 would place the next Fibonacci levels at $65,455 and $65,664. On the downside, a break below $64,712 would expose lower levels shown on the chart, while the broader support structure includes $64,525 and $64,224.
The Bollinger Bands also show Bitcoin trading within the bands following its recovery from lower levels. The latest candles show repeated movement around the $65,000 area before the price moved back toward $64,800.
Strategy Sells 1,690 BTC for $108.6 Million
Strategy sold 1,690 BTC between Aug. 3 and Aug. 9 for approximately $108.6 million, according to an Aug. 10 Form 8-K filing. The company sold the Bitcoin at an average price of $64,262 per BTC. Strategy used the proceeds to repurchase 1.152 million shares of its STRC preferred stock for $108.6 million.
Source: Michael Saylor
Following the transaction, Strategy reported holding 840,447 BTC. The company said it had spent approximately $63.36 billion acquiring its Bitcoin holdings, giving an aggregate average purchase price of $75,385 per BTC. The latest sale therefore occurred below Strategy’s reported average acquisition price.
Strategy Reports Consecutive Bitcoin Sales
The transaction follows another Bitcoin sale disclosed one week earlier. Between July 27 and Aug. 2, Strategy sold 1,638 BTC for approximately $104.7 million at an average price of $63,957 per BTC.
Together, the two transactions account for 3,328 BTC sold for approximately $213.3 million over two weeks.
Strategy also reported larger Bitcoin sales in late June and early July. The company sold 1,363 BTC for $80.8 million between June 29 and June 30, followed by a sale of 2,225 BTC for $135.2 million between July 1 and July 5. Those transactions totaled 3,588 BTC for approximately $216 million.
The reported transactions show that Strategy has recently used Bitcoin sales to generate funds for STRC share repurchases.
FAQs
What is the current Bitcoin price?
Bitcoin is trading around $64,821-$64,831 based on the provided market and chart data.
What is Bitcoin’s key resistance level?
The charts identify resistance between $65,188 and $65,340, with additional Fibonacci levels at $65,455 and $65,664.
How much Bitcoin did Strategy sell?
Strategy sold 1,690 BTC for approximately $108.6 million between Aug. 3 and Aug. 9.
