Bitcoin technical analysis turned decisively bullish on Thursday as BTC surpassed $77,000 and rose above its 100-day moving average for the first time since the early February sell-off, sparking a more than 12% rise in Strategy shares as the company’s 780,897 BTC treasury gained roughly $1.6 billion in value in a single session.
Summary
- BTC absorbed $450 million in accumulated sell orders between $75,900 and $76,300, breaking resistance that has rejected the price three times over the previous two months.
- The strategy jumped more than 12% on the BTC move, extending a streak since the company revealed on April 13 that it bought $13,927 BTC per billion at $71,902 per coin using proceeds from its STRC preferred stock ATM program.
- Derivatives data shows a 140% increase in liquidations along with a rise in open interest, indicating forced short covering rather than primarily new long buying, in line with the compression thesis that K33 Research had pointed out.
Bitcoin (btc) technical analysis produced a breakout signal on Thursday when BTC settled $77,000 and reclaimed its 100-day moving average, a threshold that has acted as resistance since the early February drop from above $90,000. The move marks BTC’s first decisive close above $77,000 since that sell-off and represents the resolution, at least temporarily, of the ten-week consolidation range of $60,000 to $75,000 that had defined the chart.
Strategy, the largest publicly traded corporate holder of Bitcoin, rose more than 12% in trading on Thursday. The company holds 780,897 BTC purchased for approximately $59.02 billion at an average cost of $75,577 per coin.
The $76,000 level had capped four separate BTC recovery attempts in 2026 before today. CoinGlass data showed $450 million in cumulative sell orders between $75,900 and $76,300 as of Thursday morning, placed by traders shorting the range high or defending against a short squeeze with liquidation risk. Price broke through the wall during the morning session, causing a cascade as settlement levels were surpassed.
Derivatives data confirmed the mechanical nature of the move: liquidations were up 140% compared to the last few sessions and open interest continued to rise throughout the rally. Rising open interest coupled with rising liquidations indicates forced short covering rather than new speculative buying, the exact setup K33 Research’s Vetle Lunde described last week when he pointed to 46 consecutive days of negative funding as an “attractive entry” for contrarians.
Why the strategy advanced so sharply
The strategy’s more than 12% gain amplified BTC’s movement through its leveraged capital structure. The company holds 780,897 BTC worth about $1.6 billion more at $77,000 than at $74,000, and every dollar of BTC appreciation flows directly to the balance sheet under FASB fair value accounting rules that now govern digital assets.
On April 13, Strategy revealed its latest purchase: 13,927 BTC for approximately $1 billion, funded entirely through the sale of its STRC preferred shares. The company’s STRC volume has risen to approximately 20% of total MSTR trading volume from virtually zero in early 2026, reflecting a shift in how institutional capital accesses the company’s Bitcoin exposure.
the company average cost basis of $75,577 per BTC means Thursday’s move above $77,000 pushed its entire treasury back into a small unrealized gain for the first time since early April, a change that reduces near-term balance sheet pressure and may support continued STRC issuance.
Bitcoin reclaiming the 100-day moving average is a structural signal that technical traders follow carefully. A sustained daily close above it would point to $80,000 as next resistance, with the 200-day SMA at $87,519 as the largest trendline that needs to be recovered for a complete trend reversal. He BTC ETF entry Last week’s image, which showed $597.5 million in institutional purchases in two days, suggests that there is demand present to absorb more supply if the macroeconomic context cooperates.
