Bitcoin Breaks Above $77K as Strategy's Treasury Turns Profit

Bitcoin reached its highest level since May 26, trading above $77,400 before the week's final Wall Street session. This move coincided with Strategy's corporate treasury position improving as Bitcoin rose back above its reported cost basis of $75,385 for 840,447 BTC.

Strategy's return to a year-to-date gain of roughly $450 million has alleviated concerns among investors about the company's Bitcoin-backed capital strategy. The improvement in Strategy's position was driven by a mix of market momentum and corporate timing factors.

The growing 'safety net' below $70,000 is based on realized cost basis distribution. According to Glassnode analysis, some 3.44 million BTC now have an on-chain cost basis between $58,000 and $67,000. This concentration represents coins bought near specific price levels and can influence supply behavior if prices retrace.

The technical reclaim of the 200-day simple moving average (SMA) around $68,967 has strengthened market conviction during volatility. However, investors will continue to watch whether Bitcoin can hold above the reclaimed resistance zone near $68,000-$69,000 and whether on-chain support beneath $70,000 continues to grow.