Bitcoin Price Nears $80,000 as Strategy Raises $2B

BTC price surges above $78k amid growing momentum, with resistance at $80k coming into play.
Strategy generated $2.01bn via MSTR trades and didn’t trade any Bitcoin for the week.
Strategy has 840,447 BTC in possession, while the strategy’s new USD Cash account hit $1.59bn on August 23rd.

Bitcoin price climbed to about $79,050 on Monday after breaking above the $78,000 level, while daily-chart indicators showed a sharp shift in momentum. BTC gained 2.37% to $79,051.70 in the provided market data, with rising trading volume supporting the move.

The advance followed a break above $76,000 and came after Bitcoin moved out of the 64,000-67,000 consolidation area.

At the same time, Strategy raised more than $2 billion through MSTR share sales without selling Bitcoin, directing proceeds toward a newly designated USD Cash account, preferred-stock repurchases and its existing dollar reserve.

Bitcoin Price Faces $80,000 Resistance

The Bitcoin price is approaching the $80,000 area, which has emerged as the immediate resistance zone in the supplied technical analysis.

A sustained move above that level could place $82,000 in focus, while the Fibonacci extension identified in the analysis sits near $81,000. Another technical reading places the next resistance area between $82,000 and $85,000.

Bitcoin is trading above its 20-day, 50-day, 100-day and 200-day exponential moving averages. The alignment indicates that price has moved above each of those reference levels following the recent advance. BTC also moved above the upper Bollinger Band near $79,057, according to the provided data.

Source: Trading View

The move has pushed the Relative Strength Index to about 82 on the daily chart. That reading places the indicator in overbought territory and coincides with the sharp rise from the prior consolidation range.

Levels of Support Are Still Significant

The price of Bitcoin is subject to multiple levels of support beneath its current market position. The nearest levels identified in the analysis are around $76,500 and $76,000. A deeper pullback could bring $72,000 or $71,767 into focus, while another major support area sits near $69,465.

The daily chart also identifies the Bollinger Band middle line near $67,500 and the previous breakout resistance at $66,923. Bitcoin’s ability to remain above $76,000 or $76,500 would keep the stated bullish structure intact.

A rejection around $80,000, however, could precede short-term profit-taking and increased volatility.

Strategy Raises $2 Billion Without Selling Bitcoin

Strategy sold 18,261,118 MSTR shares for $2.01 billion net during the week covered by its latest filing. The average selling price was about $109.88 per share, compared with $96.48 a week earlier.

The company allocated $136.4 million of the proceeds to repurchase STRC preferred stock and placed $300 million into its existing USD Reserve.

The remaining $1.57 billion was directed to a newly designated USD Cash account, which stood at $1.59 billion as of August 23.

The filing describes USD Cash as a separate pool of dollar liquidity for general Bitcoin treasury purposes. The listed uses include acquiring Bitcoin, paying preferred dividends and interest, repurchasing MSTR or preferred stock, repaying or redeeming convertible notes and replenishing the USD Reserve.

Source: Strategy

The USD Cash account is separate from Strategy’s $5.1 billion USD Reserve. The filing says the new account is intended to provide management with greater flexibility when responding to market conditions.

The reserve is designated for preferred dividends and debt interest, while the new cash pool has broader stated uses.

Strategy Bitcoin Holdings Remain Unchanged

Strategy’s Bitcoin holdings remained at 840,447 BTC, acquired for $63.36 billion at an average price of $75,385. The company has not purchased Bitcoin since June and has also gone two weeks without selling Bitcoin.

Since May, Strategy has sold 6,948 BTC for approximately $432.5 million. The company raised $334 million through MSTR share sales the previous week without using Bitcoin holdings.

At a Bitcoin price of about $78,400, Strategy’s holdings were valued at roughly $65.9 billion, putting the stack about $2.6 billion above its stated acquisition cost.

The supplied figures show a change from the previous week, when Bitcoin traded near $63,553 and the holdings were described as $9.9 billion below cost.

The STRC repurchase involved 1,431,212 shares and leaves $516.6 million available under the $1 billion digital credit securities repurchase program announced June 29. A separate $1 billion authorization for MSTR stock remains unused.