Bitcoin traded above $77,000 on Friday and briefly set fresh local highs above $77,400 before the final Wall Street open of the week. Cointelegraph, citing TradingView data, said the move marked Bitcoin’s highest level since May 26.
BTC/USD has gained around 20% in the past 48 hours, with little sign of consolidation during the rally. The rebound also pushed Strategy, the world’s largest corporate Bitcoin treasury company, back above the aggregate cost basis of its holdings.
Strategy returns to profit as BTC clears cost basis
Data from BitcoinTreasuries shows Strategy holds 840,447 BTC at an average cost basis of $75,385. With Bitcoin now trading above that level, the company’s treasury has moved back into profit, with an approximate year-to-date gain of $450 million.
Cointelegraph had previously reported that from Aug. 3 to Aug. 9, Strategy sold a small portion of its treasury amounting to 1,690 BTC in order to repurchase 1.15 million shares of its STRC preferred stock for $108.6 million. The transaction marked the company’s fourth Bitcoin sale of 2026.
Those sales had triggered questions about the durability of the company’s long-term Bitcoin investment thesis. Independent crypto analyst William Clemente said on X that the subsequent price surge should help ease some of those concerns.
He wrote: 「Not only should Saylor/Strategy fears have been abated for a while once he showed that he was willing to sell BTC to rebuy STRC, but now after this price impulse they are even more over-collateralized by their BTC holdings.」 The reference to Saylor was to former CEO Michael Saylor.
Earlier in August, current CEO Phong Le told Fox News that Strategy would resume buying Bitcoin before the end of the year.
Glassnode points to support building below $68,000
Even as traders weigh how durable this sharp upside move may be, onchain analytics platform Glassnode said a new buffer zone is forming below $70,000.
According to the firm’s data, about 3.44 million BTC now have an onchain cost basis, or realized price, between $58,000 and $67,000. Of that total, 2.23 million BTC was added over the past 11 weeks, equal to roughly 11% of Bitcoin’s total supply.
Glassnode cofounder Rafael Schultze-Kraft wrote on X: 「It’s the densest cost-basis cluster below spot — a key potential support zone on any retracement.」
BTC breaks through several resistance levels
The report added that BTC/USD broke through several important resistance levels this week, including its 200-day simple moving average at $68,967. That level has been watched as a key threshold to reclaim in order to end Bitcoin’s longer-term downtrend.