Bitcoin Reclaims $60K on Strategy mNAV Recovery

Bitcoin News

Bitcoin (BTC) briefly reclaimed the $60,000 mark as strength in Strategy‘s equity and a recovering mNAV lifted investor sentiment across the market. Around 08:55 UTC, Bitcoin traded near $60,008, up about 2.4% on the day. The move tracked a rebound in Strategy, the world‘s largest corporate BTC holder: its common stock MSTR closed 7.43% higher at $93.39, while the STRC preferred issue rose 3.06% to $87.46. According to the company‘s own mNAV dashboard, its market-value-to-Bitcoin-holdings ratio climbed to 1.13 — back above the pivotal 1.0 threshold that signals the market values the treasury strategy at a premium to its underlying coins.

The reclaim of $60,000 followed a sharp intraday shakeout. Derivatives data shows Bitcoin slipped to roughly $59,800 earlier in the session, forcing out over-leveraged long positions before buyers stepped back in near the round number. Over the trailing 24 hours, short liquidations dominated on BTC at $125.33 million versus just $26.96 million in long liquidations, as the earlier advance squeezed bearish bets. The picture flipped in the final hour, when long liquidations of $3.21 million outpaced $830,000 in short liquidations — evidence that the dip to $59,800 cleared out newer longs before lower-side demand absorbed the selling pressure.

Liquidation-map data underscores where the pressure now sits. On the Binance BTC/USDT book, short-position liquidity is clustered between $60,300 and $61,500, directly above spot, and the aggregated cross-exchange map shows a similarly thick band of short exposure just overhead. Our reading of that structure is straightforward: if Bitcoin can consolidate above $60,000 and push into that zone, a chain of short liquidations could add fuel to any breakout. Downside long liquidity was partially absorbed during the flush toward $59,800, easing immediate sell pressure, though a break back under $59,500 would reopen the lower liquidation pocket and revive volatility.

Independent technical work paints a more cautious medium-term picture. One digital-asset research desk argues Bitcoin has completed a textbook five-wave bull cycle running from the 2022 low of $16,625 to the October 2025 peak of $124,753, and has now entered an A-B-C corrective phase. In that framework the A-wave already tested support near $69,000, the B-wave could stage a technical rebound toward $90,000, and a final C-wave could drag price toward $50,000 before a fresh cycle begins. The desk stressed that the closing stage of a bear market is often the most decisive window for positioning.

Strategy‘s equity strength itself traces back to a capital-management overhaul unveiled on June 29. The company‘s official statement authorized the sale of up to $1.25 billion in Bitcoin to support liquidity and stabilize its preferred-share market, alongside a $2 billion common-stock buyback program. It also lifted the annual dividend on the STRC preferred to 12%. The combination of a shareholder return, a backstop for the preferred issue, and disciplined balance-sheet management reversed weeks of pressure on MSTR and STRC, and the resulting share-price recovery fed back into broader Bitcoin sentiment as the mNAV crossed back above 1.0.

Major altcoins moved in lockstep with the rebound. Ethereum rose 2.76% to about $1,610, while Solana led the pack with a 6.37% gain to $77.8. Yet aggregate open interest sat near $45.6 billion and barely expanded despite the price recovery — a sign that existing positions are being reshuffled rather than fresh leverage flooding in. The rebound also proved fragile: Bitcoin later eased to roughly $59,623 by 09:50 UTC as weakness in U.S. semiconductor stocks dented risk appetite, leaving the $60,000 hold in question heading into the next session.

COINOTAG‘s proprietary 42-indicator composite S/R scoring engine rates the $60,700 resistance at 74/100 (STRONG), driven by the confluence of Fibonacci 0.114, the R1/R2 pivots and the Ichimoku Tenkan line, with the next barrier at $63,799 scoring 68/100 on Keltner Upper and Supertrend. Immediate support at $57,830 scores 73/100, anchored by the ATR Lower band and the previous-day low. Derivatives read as crowded-long: perp funding is mildly positive at 0.0054% and the long/short account ratio is 2.07 (67.4% long), even as the Fear & Greed Index sits at 19 (Extreme Fear) and RSI reads 37.63. The bullish case needs a clean reclaim of $60,700 to unlock the short band toward $63,799; a daily close below $57,830 invalidates that thesis and exposes $50,986.