Bitcoin traded at $79,500 on Friday, up roughly 1.1% over 24 hours, as its late-August grind between $78,000 and $81,000 stretched into another week. The sideways action has shifted attention from price momentum to a structural issue facing the largest corporate holder of the asset.<\/p>\n\n\n\n
BitMEX co-founder Arthur Hayes argued on Laura Shin’s Unchained Podcast that Strategy Inc.’s long-running playbook \u2014 selling shares at a premium to net asset value to buy more bitcoin \u2014 breaks down once BTC stops accelerating, even without an outright price crash. With Strategy’s enterprise mNAV compressed to roughly 1.01x and its diluted mNAV near 0.74x as of August 27, the company now trades close to the raw value of its 840,447 BTC holdings, leaving little premium left to fund another buying cycle.<\/p>\n\n\n\n
BTC<\/strong> briefly topped $81,000 on August 25 before easing back, reviving debate over whether the rally still has room to run. Seven-day gains are still running near 9.7% despite Thursday’s pullback, keeping the broader trend intact even as short-term momentum stalls.<\/p>\n\n\n\n Resistance stacks up at $81,121 first, then a heavier shelf at $82,500\u2013$84,700, with $87,500 marking the next major ceiling if momentum resumes. Support sits at $78,720, then $75,604, with a moving-average cluster at $65,800\u2013$68,300 forming the base of the summer breakout.<\/p>\n\n\n\n A clean break above the near-term resistance would open room toward the mid-$80,000s, while a slide beneath the lower support band would invalidate the current bullish structure. For now, Strategy’s compressed valuation \u2014 and whether it can still act as a marginal buyer \u2014 has become as central to the bitcoin narrative as the price chart itself.<\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin traded at $79,500 on Friday, up roughly 1.1% over 24 hours, as its late-August grind between $78,000<\/p>\n","protected":false},"author":2,"featured_media":554,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-553","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market"],"brizy_media":[],"_links":{"self":[{"href":"https:\/\/1stblock.info\/index.php?rest_route=\/wp\/v2\/posts\/553","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/1stblock.info\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/1stblock.info\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/1stblock.info\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/1stblock.info\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=553"}],"version-history":[{"count":1,"href":"https:\/\/1stblock.info\/index.php?rest_route=\/wp\/v2\/posts\/553\/revisions"}],"predecessor-version":[{"id":555,"href":"https:\/\/1stblock.info\/index.php?rest_route=\/wp\/v2\/posts\/553\/revisions\/555"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/1stblock.info\/index.php?rest_route=\/wp\/v2\/media\/554"}],"wp:attachment":[{"href":"https:\/\/1stblock.info\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=553"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1stblock.info\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=553"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1stblock.info\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=553"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}