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Bitcoin supporters got a short-lived morale boost this Tuesday evening after Strategy Executive Chairman Michael Saylor broke his silence with a post, revealing that he thinks "about buying more bitcoin."
Amid all the chaos on the charts and social media, one thing is for sure: the timing of Saylor's post was not random, and the Bitcoin price managed to recover from a drop to $89,300.
However, the evergreen post seemed to indicate that the market was hitting a minor bottom.
For a bit, it seemed like history might repeat itself — Saylor posted, and Bitcoin reversed. But this time, a few minutes later, BTC started dropping back under $89,200 and erased the short recovery and all the optimism with it. The chart now shows that Saylor's tweet was not followed by a rally, but by another leg down.
The situation is rough for buyers, to say the least. In just 24 hours, over $189 million in positions were liquidated, with a $28.5 million single order and $104.9 million worth of short-side liquidations leading the way.
Interestingly, the peak wipeout hit between 11:00 p.m. and midnight on Jan. 21, showing that the pain was ongoing across both leverage camps.
How much, though?
Still, Saylor is not bothered. As of Jan. 20, he and Strategy hold 709,715 BTC, valued near $63.52 billion. On average, they are costing $75,974, which means a 17.8% unrealized profit — even after the recent dip.
The firm added 22,305 BTC just two days ago.
It is hard to say if this latest post is just a soft front-run to another accumulation wave. But this time, the market did not respond to the message.
Bitcoin is currently trading at around $89,100. The bulls are struggling, the bounce did not work, and Saylor's everbull aura — while still in place — is not moving the chart like it used to.
Gamza Khanzadaev
Godfrey Benjamin
Tomiwabold Olajide