Bitcoin Stalls Near $87K Resistance Despite Corporate Buying Spree
Bitcoin (BTC USD) experienced a minor decline of about -0.5%, falling to approximately $85,800 after failing to break through the $87,000 resistance level for the third time since September 23. Despite this setback, corporate buying continued, with Strategy acquiring 334 BTC and Strive adding 2,000 BTC to their holdings. Strive's purchase, valued at $169 million at an average cost of $84,422 per bitcoin, brought their total holdings to 29,462 BTC.
The contrast between ongoing corporate accumulation and Bitcoin’s stagnant price highlights a critical question: whether sustained buying will eventually drive a confirmed breakout. Strategy’s 334 BTC purchase was funded by $28.7 million from Class A common stock sales, raising concerns about potential shareholder dilution. Strive’s acquisition, primarily funded through its Variable Rate Series A Perpetual Preferred Stock (SATA), also introduces financing complexities.
Technically, Bitcoin remains capped around $87,000, with higher local lows suggesting buyer interest but insufficient momentum to overcome resistance. FxPro analyst Alex Kuptsikevich noted that Bitcoin is nearing the apex of a triangle pattern, which could increase volatility. Meanwhile, the overall crypto market dipped slightly below $2.95 trillion, reflecting mixed signals and ongoing resistance.
Other major cryptocurrencies also faced pressure, with Ethereum, XRP, Solana, and Dogecoin falling 1-2%, while ADA gained 11%. The market’s performance underscores the need for confirmation through price action, as corporate buying alone may not be enough to drive a sustained rally without additional financing and shareholder considerations.