Bitcoin’s price has climbed roughly 15% over the past month, and crossed above $79,000 over the weekend. The oldest cryptocurrency is now sitting at around $77,000, which is the highest the token has traded since an early February sell-off, but it’s unclear how durable this latest rally will prove to be.
Markets more broadly have enjoyed a bullish April, with the S&P 500 enjoying a nearly 9% gain, but Bitcoin investors may have gotten an extra boost thanks to billionaire Michael Saylor. His firm Strategy has a business based around acquiring Bitcoin, with Saylor using his outsize social media presence to post memes exhorting others to do the same.
Strategy has acquired over 100,000 Bitcoin in March and April, worth over $7.7 billion at current prices. During the buying spree, the company surpassed BlackRock’s popular Bitcoin ETF in total Bitcoin holdings.
But Strategy’s pace of Bitcoin acquisition slowed last week, when the firm acquired 3,273 Bitcoin for $255 million. That may be due largely to a slowdown in sales of Strategy’s perpetual preferred shares, which the company calls STRC. The product, which was launched by Saylor’s firm in July 2025, pays an 11.5% dividend, and Strategy buys Bitcoin with the proceeds from selling STRC. The instrument is meant to trade at $100, but when the shares dip below par, as they are right now, then it becomes more expensive for Strategy to issue new shares.
Strategy also recently proposed a move to begin making dividend payments twice per month, rather than monthly, partly in an effort to spread out the company’s Bitcoin purchases more evenly throughout the month.
A fuzzy macroeconomic picture may be the thing keeping Bitcoin’s other buyers from pushing the cryptocurrency toward $80,000.
“Energy prices are a complicating factor. With oil prices up, risk appetites may be lower and that affects pricing on growth assets generally (crypto included),” said Ashley Ebersole, the co-founder and chief legal officer of the tokenized asset firm tx, by email. “The market appears to be in a waiting phase. Prices haven’t moved decisively higher, and probably won’t until investors feel more comfortable with economic and macro events. Until then, a lot of capital is on the sidelines.”
Bitcoin’s perpetual futures funding rate has been mostly negative for the past two weeks, according to data from crypto analytics firm CoinGlass, indicating that Bitcoin’s short side has grown more crowded in recent days.
This story was originally featured on Fortune.com
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