Bitcoin Holds Key Support as Strive Makes Major Purchase

Bitcoin is holding steady above the crucial $84,300 support level as buyers aim to push the price back toward $87,220. The cryptocurrency recently faced a minor setback, slipping 0.84% over 24 hours to trade near $85,220. Despite this pullback, Bitcoin remains 2.81% higher over the past week, showing resilience in the face of short-term pressure.

The market's leverage has eased significantly, with Bitcoin's open interest cooling to $54.74 billion from previous extremes above $80 billion. This reduction in leverage suggests a more stable environment, though derivatives activity remains strong. Meanwhile, spot flows have been mixed, with a $17.82 million net outflow on October 6 following several larger inflow spikes in recent months.

Strive made a significant move by acquiring 2,000 Bitcoin for $169 million between September 28 and October 2, marking its largest purchase since June. This acquisition brings Strive's total Bitcoin holdings to 29,462, valued at approximately $2.5 billion at current prices. The company's buying spree occurred at a critical support level, potentially strengthening market confidence during pullbacks.

Technically, Bitcoin's four-hour structure remains constructive, with key support levels at $84,300 to $84,700. Immediate resistance is around $85,400, and a recovery above this could bring $86,216 and $87,220 back into focus. On the downside, losing the support zone could expose $83,600 and the 100-period exponential moving average near $83,572. Momentum indicators suggest oversold conditions, which could encourage a rebound attempt from current levels.