Bitcoin Treasury Strategy Breakeven Achieved as BTC Tops $77K

Bitcoin pushed to fresh highs on Friday, revisiting the $77,000 area and trading at levels not seen since late May. The rally coincided with renewed confidence around Strategy’s corporate treasury position, which had been under scrutiny after the firm’s earlier BTC sales.

According to TradingView data cited in the report, BTC/USD posted local highs above $77,400 before the week’s final Wall Street session. The move also placed Strategy’s holdings back above its stated cost basis, a threshold that matters to investors watching whether the company’s Bitcoin-backed capital strategy remains sustainable.

Key takeaways

• Bitcoin reached about $77,000, its highest level since May 26, after trading above key resistance and reclaiming important technical levels.
• Strategy’s Bitcoin treasury returned to profit versus its reported cost basis of $75,385 for 840,447 BTC.
• On-chain analytics from Glassnode highlighted a dense realized-price cost-basis cluster forming below $70,000, with roughly 11% of BTC supply in the $58,000–$67,000 band.
• Support is forming around a technical and on-chain overlap near $68,000, after BTC broke above levels including the 200-day simple moving average around $68,967.

Bitcoin revisits $77,000 as Strategy turns the corner

The latest upswing appears to have been driven by a mix of market momentum and a specific corporate timing factor: Strategy’s reported treasury economics improved as BTC rose back above its cost basis.

Data referenced from BitcoinTreasuries indicates that Strategy’s cost basis for its BTC holdings—840,447 BTC—stands at $75,385. With Bitcoin now trading above that figure, the report states Strategy has returned to a year-to-date gain of roughly $450 million. For traders, corporate treasury profitability can influence market narratives around large holders; for Strategy-watching investors, it reduces the immediate pressure tied to “mark-to-market” concerns during drawdowns.

In the same broader context, TradingView monitoring cited in the coverage shows BTC/USD briefly pressing above $77,400 on its way toward Friday’s close. The article notes that BTC did not meaningfully consolidate in the immediate run-up, underscoring how quickly sentiment can shift once price clears prior levels.

Earlier BTC sales and the buyback structure

Strategy’s improving position did not occur in a vacuum. Earlier in August, Cointelegraph previously reported that between Aug. 3 and Aug. 9, Strategy sold a portion of its Bitcoin holdings—1,690 BTC—then used the proceeds to repurchase 1.15 million shares of its STRC preferred stock for $108.6 million. That was described at the time as the company’s fourth Bitcoin sale of 2026.

Those transactions raised questions among some observers about the long-term durability of Strategy’s Bitcoin investment thesis. In response to such concerns, analyst William Clemente argued that the subsequent BTC price strength should reduce the urgency of those fears. On X, Clemente wrote that the “Saylor/Strategy fears” should have been less relevant after Michael Saylor indicated willingness to sell BTC to fund STRC buybacks, and that with the current price impulse Strategy is now “even more over-collateralized” by its BTC holdings.

The corporate backdrop also included comments from Strategy’s current CEO, Phong Le, in an earlier August Fox News interview. Le said Strategy would return to buying Bitcoin before the end of the year—an assertion that, if followed through, would be consistent with the idea that sales have been used tactically rather than signaling an exit.

On-chain “buy wall” forms below $70,000

Beyond Strategy-specific developments, the report points to a broader market support structure visible in on-chain data. During a period when investors have been assessing whether Bitcoin’s upside can hold, Glassnode analysis highlighted a growing “safety net” below $70,000 based on realized cost basis distribution.

As summarized in the article, some 3.44 million BTC now have an on-chain cost basis between $58,000 and $67,000. Of that amount, 2.23 million BTC—approximately 11% of total supply—was added over the past 11 weeks. Glassnode cofounder Rafael Schultze-Kraft described this concentration as the “densest cost-basis cluster below spot,” calling it a key potential support zone should price retrace.

In practical terms, realized cost-basis clusters can matter because they represent coins bought (or last moved/realized) near specific price levels. When price falls back toward those areas, supply behavior often changes: holders may be more inclined to defend those positions or, conversely, may be more likely to sell if they were waiting for confirmation to exit. The article’s framing suggests that, for now, the market is developing a cushion rather than a void.

Technical levels reclaimed: $68,000 and the 200-day SMA

The week’s price action also included important technical confirmation. The report notes that BTC/USD broke through several key resistance levels, including the 200-day simple moving average (SMA) around $68,967—described as a “key target to reclaim” to end the long-term downtrend.

This technical reclaim lines up with the on-chain support narrative. The on-chain cluster discussed by Glassnode sits below $70,000, while the article specifically references a “new band of support” forming around the $68,000 area. It’s the overlap between these two kinds of signals—an SMA that tends to influence longer-horizon positioning, and a realized-price cluster that may anchor dip demand—that can strengthen market conviction during volatility.

Still, the report emphasizes that volatility remains part of the equation, with investors looking for whether the move can translate from a breakout to sustained consolidation above reclaimed levels.

Going forward, traders and long-term holders will likely watch whether Bitcoin can hold above the reclaimed resistance zone near $68,000–$69,000 and whether on-chain support beneath $70,000 continues to grow; Strategy’s treasury also remains a focal point, since continued BTC purchases (as CEO Phong Le indicated) would further shape market sentiment about large-holder intent.