Bitcoin technical analysis turned positive on Thursday as BTC cleared $77,000 and rose above its 100-day moving average for the first time since the early February selloff, resulting in a 12%+ rise in Strategy shares as the company’s 780,897-BTC treasury gained nearly $1.6 billion in one session.
Summary
- BTC absorbed $450 million of stacked orders between $75,900 and $76,300, breaking the resistance that rejected the price three times in the past two months.
- The strategy jumped more than 12% in BTC’s journey, extending the run from April 13 revealing that it bought 13,927 BTC for $1 billion at $71,902 per coin using profits from its popular STRC ATM system.
- Derivatives data shows a 140% jump in liquidation associated with an increase in open interest, indicating more forced short covering than new long buying, consistent with the hypothesis K33 Research noted.
Technical analysis of Bitcoin (BTC) produced an exit signal on Thursday as BTC cleared $77,000 and regained its 100-day moving average, the threshold that served as resistance since the beginning of February’s decline from above $90,000. The move marks BTC’s first decisive close above $77,000 since that selloff and represents a resolution, at least temporarily, of the ten-week $60K-$75K consolidation range that had defined the chart.
Strategy, the largest publicly traded Bitcoin holder, rose more than 12% in Thursday trading. The company holds 780,897 BTC which is worth about 59.02 billion dollars at an average price of 75,577 per coin.
The $76,000 level had been reached by four different BTC rally attempts in 2026 before today. CoinGlass data showed 450 million orders stacked between $75,900 and $76,300 as of Thursday morning, placed by traders who are shorting the range or protecting against a short tip that risks liquidation. The price fell off the wall in the morning, which caused the price to collapse as the closing levels were breached.
Derivatives data confirmed the nature of the move: asset closings jumped 140% compared to recent sessions, and open interest continued to rise throughout the advance. The increase in open interest and the increase in closing costs indicate forced short covering instead of new speculative buying, a setup that K33 Research’s Vetle Lunde described last week when he flagged 46 consecutive days of negative funding as an “attractive entry” for opponents.
Why the Strategy Went So Far
A 12%+ strategic gain boosted BTC’s movement through its leverage structure. The company holds 780,897 BTC worth about $1.6 billion more at $77,000 than $74,000, with every dollar of BTC appreciation flowing onto the balance sheet under the FASB’s fair value accounting rules that now govern digital assets.
On April 13, Strategy disclosed its latest purchase: 13,927 BTC for nearly $1 billion, funded entirely by the sale of its STRC preferred shares. The firm’s STRC volume has increased to nearly 20% of MSTR’s total trade volume from zero in early 2026, reflecting a change in the way institutional funds access the firm’s Bitcoin exposure.
The company’s average cost basis of $75,577 per BTC means Thursday’s move above $77,000 pushed its entire treasury back to a small unrealized profit for the first time since early April, a shift that eases pressure on the near-term balance sheet and may support further STRC issuance.
Bitcoin returns to the 100-day moving average is a structural signal that technical traders track closely. A sustained daily close above would point to $80,000 as the next resistance, with the 200-day SMA at $87,519 as the major trend line that needs to be retraceable for a full trend reversal. Last week’s BTC ETF entry chart, which showed $597.5 million in two-day institutional buying, suggests that demand is there to get some supply if the majors cooperate.
