Bitcoin's price has taken a hit in recent days, dropping below several key support levels on its chart. This comes as Strategy, an investor with over 700,000 coins, sold 32 bitcoin for the second time in its history.
The sale was made between May 26 and May 31, raising around $2.5 million. While this amount is relatively small compared to Strategy's massive holdings, it raises questions about the investor's long-term commitment to the cryptocurrency.
Michael Saylor has been a vocal proponent of bitcoin, urging investors to 'buy bitcoin, hold bitcoin, never sell it.' However, his own strategy now appears to be more nuanced. The company is increasingly relying on preferred securities and yield-paying products backed by its bitcoin holdings, which may indicate a shift in focus.
The chart for BTC/USD also suggests that the bearish trend is gaining momentum. Key support levels have been broken, including the 200-day moving average, the 50DMA, the 100DMA, and several others. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators are both showing strong downside pressure.