What to know
- Bitcoin holds the $77,000 support as buyers defend the level, keeping the path toward $80,000-$81,000 open for further gains.
- Strategy added 4,603 BTC for $369.7 million, reinforcing corporate accumulation despite volatility and purchasing at an average price above recent levels.
- Whale transfers and strong third-quarter performance support market interest, while monetary policy, equity correlations, and competition continue creating risks.
Prominent crypto trader DonAlt expects Bitcoin to record another upward move as buyers defend the crucial $77,000 support region. According to DonAlt, Bitcoin’s current structure suggests the cryptocurrency could extend its recovery toward higher levels.
BTC consolidated near $78,000 following an intraday decline that briefly pushed its price toward $77,000. However, buyers entered around that level and prevented selling pressure from causing a deeper market correction.
Bitcoin began August near $64,700 before gaining more than $13,000 during the month. Moreover, the rebound strengthened its third-quarter performance and restored confidence following two consecutive quarterly losses.
BTC briefly crossed $80,000 before sellers forced another test of the established support area. Its recovery from that decline suggests market demand remains active below the $78,000 threshold.
Bitfinex linked the nearly 6% drop to hawkish comments from Federal Reserve Governor Kevin Warsh. Nevertheless, Bitcoin stabilized around $77,100 and recovered part of those losses during subsequent trading. This response preserved DonAlt’s bullish outlook while keeping attention on resistance between $80,000 and $81,000.
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Strategy Purchase and Whale Activity Support Market Interest
Strategy expanded its Bitcoin holdings despite considerable volatility near the end of August. The Michael Saylor-led company purchased another 4,603 BTC for approximately $369.7 million.
It completed those purchases between August 24 and August 30 at an average price of $80,318. That average exceeded Bitcoin’s recent market price, showing Strategy maintained its treasury accumulation plan through weakness.
However, corporate purchases cannot guarantee an immediate price increase or eliminate broader market risks. Whale activity also attracted attention as Whale Alert tracked 1,922 BTC moving between unidentified wallets.
The transfer carried an estimated value of $149.7 million but provided limited directional evidence. Large holders may move assets for custody changes, security arrangements, or internal wallet management.
Consequently, traders require additional context before interpreting such transactions as buying or selling signals. Bitcoin’s third-quarter return stands near 32.48%, considerably above its historical average return of 7.94%.
However, strategist Mike McGlone remains cautious because monetary policy, equity correlation, and crypto competition pose risks. Bitcoin’s defense of $77,000 keeps DonAlt’s projection intact, while reclaiming $81,000 would strengthen expectations for gains.
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