Michael Saylor’s Strategy (NASDAQ:MSTR) has paused its Bitcoin acquisition spree yet again. In a social media post, Saylor confirmed that the firm didn’t buy any Bitcoin this week, which negatively affected the market sentiment.
Michael Saylor Announces ‘No Bitcoin Buys’ This Week
In a post on X, Michael Saylor shared the popular ‘Orange Dots’ chart, which showcases all the points wherein Strategy made a BTC purchase. While him sharing the chart often hints at a new Bitcoin acquisition, this time things were different.
After four weeks of continuous BTC buying, Strategy has halted its spree. Saylor wrote on X, “No buys this week.” Nonetheless, everything is not in vain as he hinted at future purchases in the coming week.
He added, “Back to work next week.” Currently, the company’s Bitcoin stash is worth a whopping $64.44 billion, per on-chain crypto tools.
Earlier, the firm acquired $255 million in BTC last Monday. This purchase pushed its total holdings to 818,334 BTC bought at an average cost of $75,537 per Bitcoin.
At the time, it snapped up 3,273 BTC at an average price of $77,906 per coin. However, the scale of purchases started slowing down at that point itself. For context, the company downscaled the latest acquisition by nearly 90% compared to the $2.54 million BTC buy on April 20.
BTC Price Holds Above $78K
Despite Strategy pausing its Bitcoin buying streak, the BTC price has stayed resilient above the key $78,000 level. As of writing, Bitcoin traded at $78,628.93, up 0.38% on Sunday, May 3.
Analysts like Michaël van de Poppe noted that the next critical resistance sits at $79,000. In case of a successful breakout, he expects Bitcoin to enter the resistance zone between $86,000 and $88,000.
Moreover, if it goes higher, the $92,000-$94,000 zone will act as another point of resistance. Meanwhile, the $75,000 level is acting as a major support currently, which if broken could lead to a massive downturn for the BTC price.