Bitcoin extended its decline on Friday, dropping to roughly $60,000 — a level not seen since early February. The slide puts the world's largest cryptocurrency about 52% below its all-time high of $126,000, hit last October. In a notable shift, Strategy, the corporate Bitcoin holder formerly known as MicroStrategy, sold 32 BTC for approximately $2.5 million, its first Bitcoin sale in nearly four years.
Bitcoin's slide continues
The price was hovering around $60,444 at the time of reporting. That's a long way from the highs, and the selling pressure hasn't let up. Analyst Ali Martinez pointed to the next major support zone between $54,000 and $50,000 — a level that could determine whether this becomes a deeper correction or finds a floor.
Strategy sells for the first time since 2022
Strategy's sale this week was a small one — just 32 BTC. But it's the first time the company has sold any Bitcoin in nearly four years. The move caught attention because Strategy has been one of the most prominent corporate hodlers, regularly adding to its stash. The sale, worth about $2.5 million, is a drop in the bucket for a company that holds tens of thousands of BTC, but the symbolism isn't lost on the market.
Treasury sector loses $62 billion
The broader Bitcoin treasury sector is feeling the heat. Per Artemis data, the combined fully diluted market value of Bitcoin treasury company stocks fell from nearly $134 billion to about $72 billion — a roughly $62 billion wipeout. That's a steep drop for a group of companies that had been riding the Bitcoin bull run.
What forced selling means
The sell-off isn't just about price. It's also threatening a key narrative. Hayden Hughes, managing partner at Tokenize Capital, said that forced selling by Bitcoin treasury holders damages the market's assumption that these firms would be permanent 'buy and hold' participants. That assumption has been a pillar of the bull case for Bitcoin heavyweights. If more treasury holders start selling, the story shifts.
For now, traders are watching the $54,000 to $50,000 support band. If it holds, this could be a pause before a recovery. If it doesn't, the next leg down could be ugly.
