- Bitcoin breaks out above $87K after retesting $84K support, signaling a bullish reversal backed by technical and institutional momentum.
- MicroStrategy’s $44.92B Bitcoin portfolio post hints at another buy, reinforcing strong long-term accumulation strategy amid volatility.
- Aiming for $96K, Bitcoin gains strength after triangle breakout, but market awaits Monday’s stock action to confirm bullish continuation.
Bitcoin surged above $87,000 on Sunday, sparking bullish excitement after breaking out of a major descending triangle. The rally comes amid renewed signals from MicroStrategy’s Michael Saylor, who hinted at another Bitcoin acquisition. Market watchers now anticipate a possible buy announcement on Monday. Meanwhile, the broader crypto community remains cautious about weekend moves due to low volume and closed stock markets.
Besides the price breakout, momentum accelerated following a successful retest of the $84,000 level. This retest confirmed the breakout zone as new support. The move coincided with a daily gain of over 2.6%, pushing BTC to $87,448.74. The breakout originated from a triangle pattern formed by lower highs and a solid support trendline since September 2023. Hence, the breakout carries high technical significance.
MicroStrategy Tracker Sparks New Bullish Sentiment
Michael Saylor’s recent Bitcoin tracker post on social media has added fuel to the fire. The portfolio now totals $44.92 billion, featuring 258,531 BTC with a 25.02% return. Besides the gains, the tracker’s label “Insufficient Orange” suggests Saylor’s appetite for more BTC remains strong. Historically, similar tracker posts have preceded major MicroStrategy purchase announcements.
Moreover, the average acquisition price for Saylor’s BTC sits at $173,796.32. Current prices remain far below this, implying a potential dollar-cost averaging move. MicroStrategy’s approach includes heavy purchases across both peaks and corrections. This aggressive strategy has helped build one of the largest institutional Bitcoin holdings.
Breakout Eyes New Highs Amid Market Uncertainty
The TradingView data from IncomeSharks shows BTC gaining strength post-breakout. A blue projection line indicates potential movement toward $96,000 in the coming weeks. However, market analysts stress caution. Sunday pumps often face low volume and lack support from traditional finance markets.
Consequently, the real test lies in Monday’s stock market opening. If equities trade red and BTC holds green, bulls could gain more ground. Additionally, macro conditions and institutional sentiment may further shape Bitcoin’s near-term direction. Bitcoin has recovered sharply from March’s lows near $76,000. However, it still trades below January’s all-time high of $110,000.
