Home / Analysis / Crypto / Technical Analysis / Bitcoin (BTC) Price Plunges to $80,600 as MSTR Tanks 40% — Is Michael Saylor’s Massive Bet Finally in Trouble?
However, the optimism didn’t last. Bitcoin (BTC) is crashing again, falling to its lowest level since April, and Strategy (MSTR) has been hit even harder.
With momentum weakening across BTC and MSTR, traders are bracing for what could come next, especially if Bitcoin slices through the $74,433 average entry price tied to Saylor’s holdings.
This is the lowest price since April 21, and is triggering major fears that the bull market has already ended.
Besides the severity of the crash, there are no bullish trend reversal signs. On the contrary, all indications suggest that Bitcoin will continue to decline.
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The Relative Strength Index (RSI) is decreasing and at 24, while the Moving Average Convergence/Divergence (MACD) is well into negative territory.
Neither has generated any bullish divergences, so a bullish trend reversal is a long way off.
The technicals only get worse, since Bitcoin’s wave count also predicts new lows. According to the count, the BTC price is in an extended wave three in a five-wave downward movement.
Wave three could have 1.61 times the length of wave one, leading to a low of $80.562.
If that is the case, there could be a minor bounce soon, indicated by the sub-wave count (black), but the price of Bitcoin will eventually crash lower.
Traders want to know why Bitcoin is falling today, and the charts keep delivering the same answer: momentum is bearish, liquidity is weak, and the downward cycle is not finished.
Strategy Price Tanks
While Bitcoin’s price is down a little more than 30% from its all-time high, Strategy has fared even worse.
MSTR rallied by over 2,000% since March 2023, but the trend shifted in July.
At press time, MSTR was down 67% from its high, breaking down from a 1,000-day ascending support trend line that had existed since the March 2023 lows.
Michael Saylor has built his reputation on never selling, but the steady drop in both Bitcoin and MSTR shares has sparked fresh speculation about whether that stance can hold.
The chart isn’t offering much relief, either. MSTR has already broken below key support levels, and weakening RSI and MACD readings point to a continued move lower — potentially toward $110, with even a dip into double-digit territory on the table if the sell-off accelerates.
Things Could Get Messy
Bitcoin’s 32% decrease since the all-time high has all but confirmed that the price is in a bear market.
The decline could worsen even further if MSTR serves as an indicator of where Bitcoin is headed next.
If MicroStrategy continues collapsing and BTC threatens Michael Saylor’s breakeven zone, the market could witness a sharp spike in fear.
While Saylor is unlikely to sell, the psychological fallout of his position turning negative could amplify the sell-off.
In short: the answer to why is Bitcoin falling today comes down to weakening momentum, technical breakdowns across BTC and MSTR, and growing concern that the cycle top may already be behind us.
Until Bitcoin shows a clear reversal signal, traders should prepare for the possibility of new lows before any real recovery takes shape.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
