Michael Saylor’s company, Strategy, has bought another 2,486 Bitcoin as the crypto market struggles. The purchase comes even as technical charts warn that prices could fall further.
In a post on X, Michael Saylor said the company spent $168 million on the latest buy. Strategy now holds 717,131 BTC, worth nearly $50 billion at current prices.
Bitcoin was trading around $67,000 at the time of writing. Despite the steady buying, the coin remains under pressure after weeks of weak momentum.
Strategy funded the purchase by selling more shares. The company still has about $7.8 billion in common shares available for sale, along with $20 billion in preferred STRK shares. Its total outstanding shares have climbed to over 312 million, increasing shareholder dilution.
Saylor has repeatedly said he plans to keep buying Bitcoin long term. He has even suggested that the company may swap debt for shares in the future to continue funding purchases.
However, analysts warn that Bitcoin could drop further. Standard Chartered recently said the price may fall to $50,000 before recovering. The bank also cut its long-term target from $150,000 to $100,000.
There are other warning signs. Futures open interest has fallen to $43 billion, down from last year’s high of $95 billion. Rising tensions in the Middle East, including military movements involving Donald Trump and Iran, are also adding uncertainty to global markets.
Technical analysis shows Bitcoin forming a bearish pennant pattern, a setup that often signals further downside. If the pattern plays out, the price could fall toward the $60,000 level. The bearish outlook would weaken if Bitcoin climbs above $80,117, a key resistance level from November last year.
