Bitcoin continues to consolidate, which may signal an upcoming breakout. MicroStrategy's BTC accumulation strategy also impacts the markets.
Bitcoin Consolidation and Wyckoff Structure
Bitcoin is in a consolidation phase, attracting traders' attention toward a potential breakout. Technical analyst CredibleCrypto shared a chart analysis on Twitter, highlighting that Bitcoin is in the middle of a Wyckoff reaccumulation pattern.
MicroStrategy's $2.46 Billion Purchase
MicroStrategy Chairman Michael Saylor announced a large Bitcoin purchase through the company. The firm acquired 21,021 BTC for approximately $2.46 billion at an average price of $117,256 per bitcoin. As of July 29, 2025, MicroStrategy holds 628,791 BTC, acquired at a total cost of around $46.08 billion.
Symmetrical Triangle and Market Indecision
Technically, Bitcoin is trading near $117,800, consolidating within a symmetrical triangle on the daily chart. The pattern consists of higher lows and lower highs, reflecting reduced volatility and growing market indecision.
Bitcoin's current positioning illustrates both technical patterns and institutional confidence, as indicated by the Wyckoff structure and MicroStrategy's aggressive buying strategy.
