Bitcoin Holds Above $59k as MicroStrategy Sale Sparks Sentiment Shift and Signals Textbook Bottom

MicroStrategy disclosed the sale of 3,588 Bitcoin, worth about $216 million, in two tranches. The transaction reduced the company's Bitcoin holdings to roughly 843,775 BTC and increased its cash reserves to about $2.55 billion. Despite the large off‑load, Bitcoin price remained resilient, defending the $59,000 support level, climbing to around $63,800 and facing immediate resistance near $65,500.

Market sentiment, however, turned notably bearish – social‑media data shows 68 % of discussions were negative compared with 29 % bullish – even as price held firm. On‑chain inflows fell to a two‑week low, suggesting holders were not moving coins to exchanges for further selling.

Technical analysts described the current market move as a “textbook Bitcoin bottom.” Short‑term holder profitability ratios (SOPR) have turned green, indicating that wallets holding Bitcoin for up to six months are realizing gains, a pattern often seen at early stages of a bull market. Some observers caution that deeper capitulation among short‑term holders has not yet occurred, leaving room for further upside.