Strategy, the world's largest publicly traded corporate holder of Bitcoin, has hinted at another potential purchase in a recent post by Chairman Michael Saylor.
This move is being interpreted as a sign of continued institutional demand for Bitcoin, which could have implications for the market. Strategy currently holds 843,738 BTC, purchased at an average price of $75,701.
Despite recent short-term weakness in the market, Bitcoin's long-term trend remains intact according to Blockstream CEO Adam Back, who noted that the cryptocurrency's 200-week moving average has risen above $61,000. This technical indicator is seen as a key measure of long-term trends and suggests that Bitcoin's bullish trend will persist.