Bitcoin Struggles at $80K as Institutional Demand Meets Heavy Supply
Bitcoin has struggled to break through the $80,000 barrier despite renewed institutional demand. The cryptocurrency rose around 1% in the past 24 hours to $78,700 but remains below its target.
A major catalyst for the price increase was Strategy's latest filing with the US Securities and Exchange Commission. According to the document, the company acquired 4,603 BTC at an average price of $80,318 per coin between August 24 and August 30. This brought their total holdings to 845,050 BTC.
Strategy's purchase was significant because it marked a return to accumulation for one of Bitcoin's largest corporate holders after a pause in buying. The company's total Bitcoin position was acquired at an average price of $75,412 per coin, according to the filing.