Bitwise CIO Matt Hougan said that Strategy has been the largest driver of Bitcoin's latest rally, after adding $7.2 billion in BTC over the past eight weeks. In his memo, Hougan said Bitcoin was up roughly 20% from its February lows and trading around $76,000.
Bitcoin fell below $76,000 to a multi-day low near $75,600 before rebounding above $77,000 ahead of today's FOMC decision later today. Monday's failed return to $79,500 reinforced resistance there, while analysts still expect more volatility and possible correction after the Fed update for markets.
Bitcoin's rebound is running straight into one of the few events it can't price in advance.
The Czech Central Bank purchased $1 million in bitcoin in October to run tests and conduct a study and found it is more efficient than stocks and gold but much too risky.
Bitcoin (CRYPTO: BTC) is up roughly 20% from its February lows, and Bitwise Chief Investment Officer Matt Hougan says Strategy Inc. (NASDAQ:MSTR) chairman Michael Saylor is the single biggest factor behind the move. Strategy Added $7.2 Billion In 8 Weeks Strategy purchased $7.2 billion of Bitcoin over the past eight weeks, outpacing the $3.8 billion in ETF inflows since March 1.
Crypto majors rebound ahead of FOMC, despite oil surging, while Polymarket is making a push to enter the U.S.
Even as calls for bitcoin BTC$77,635.29 to rally further are growing, participation in the spot market is cooling, leaving the door open for erratic price action.
Bitcoin (BTC) is trading near $77,700, gaining around 1.8% since midnight UTC after bouncing from the $75,650 level, which previously acted as resistance during last weeks rally. This shift suggests a potential bullish trend, with $75,650 now serving as a key support zone.
Bitcoin has gained the attention of market analysts after flashing a concerning signal in its whale exchange ratio as large holders appear to be increasingly moving their tokens.
Bitcoin could fall to around $30,000 before the year is out — at least according to one widely followed chart analyst. That bleak projection, drawn from a pattern tied to US midterm election years, is adding fresh weight to a growing skepticism about whether Bitcoin can reach $250,000 in 2026.
BTC climbs after holding at the $75,600 support level while derivatives signal de-risking, and speculative flows build in memecoins ahead of tech earnings.
“Sell in May and go away” is the idea that stocks reliably underperform between May and October, and it describes a market that might no longer exist.