Bitcoin The stock topped $77,000 for the first time since a sharp sell-off on February 5 that saw it hit lows near $60,000.
The breakout also had a positive impact on Strategy (MSTR), the largest publicly traded Bitcoin holder. The company’s current holdings of Bitcoin have returned to profitability, with an average purchase price of $75,577.
Today, MSTR is up 8% and is also trading above the 200-week moving average, a long-term trend indicator that smooths out roughly 4 years of price data.
BTC has gained more than 25% since bottoming in early February and is currently trading above the 100-day moving average (100DMA) at $74,774. The first two tests of this level resulted in rejection and further declines, adding to the current upward pressure.
On February 4, Bitcoin briefly reached as high as $76,700 before continuing to fall. A subsequent rebound attempt on March 17 also stalled at $76,013, making the current breakout above $76,300 even more notable.
