Key Takeaways:
- Bitcoin tested $60,420 support on June 7, trading at $61,739.
- Michael Saylor signaled more MicroStrategy purchases as 10.46M BTC turned underwater.
- MicroStrategy CEO Phong Le sold $11.1M in stock the same day.
Back
Bitcoin holds $60k as Saylor hints at buying, 10.46M coins underwater
Bitcoin tested $60,420 support on June 7 as Michael Saylor signaled further MicroStrategy purchases, with 10.46 million BTC now held at a loss.
Bitcoin fell to $61,739 on June 7 after testing $60,420 support, as Michael Saylor signaled more MicroStrategy purchases and 10.46 million coins turned underwater.
"The AI buildout is absorbing capital at historic scale, creating temporary pressure across global markets. That does not weaken Bitcoin. It strengthens the case for scarce, liquid, digital capital," Michael Saylor, executive chairman of MicroStrategy, said on June 7.
The German government sold 49,858 BTC for $2.89 billion at an average price of $57,900, according to Arkham Intelligence. Bitcoin now trades about 6% above that level. Data from Ali Charts shows 10.46 million BTC are held at a loss, a threshold that has historically coincided with major bottoms. The relative strength index sits near 21.95, placing Bitcoin in oversold territory.
The $60,000 level has become a key battleground. Polymarket data shows a 64% chance Bitcoin breaks $55,000 before year-end and a 51% chance it tests $50,000. A daily close below $62,000 could keep sellers active, with the next support near $57,900 — Germany's average sale price — and then $55,000.
$11.1M in MSTR Sales Cloud Saylor's Message
The same day Saylor reaffirmed his conviction, MicroStrategy CEO Phong Le sold 93,738 shares worth about $11.1 million at a weighted average near $118.73, according to a regulatory filing. The sale covered a tax bill on 190,740 performance stock units that vested on June 3. Le still holds 119,925 shares. The timing drew attention across crypto markets, with analyst Ted Pillows calling it "not a good time to do this."
Institutional Flows Show Divergence
While Bitcoin ETFs saw $2.43 billion in outflows in May — the worst month of 2026 — spot XRP ETFs pulled in a record $131.94 million, according to The Block. Bitcoin dominance sits at 58%, near cycle highs, with the Altcoin Season Index at 39 out of 100, firmly in Bitcoin Season territory. A relief bounce from current levels could target $68,000 to $70,000, with stronger resistance near $75,000, where the last breakdown occurred.
This article is for informational purposes only and does not constitute investment advice.
