Bitcoin’s price has recently stalled below the $150,000 threshold, a trend that Michael Saylor, founder of Strategy, attributes to short-term holders exiting the market.
In an interview on the Coin Stories podcast hosted by Natalie Brunell on May 9, Saylor discussed the ongoing market rotation, where non-long-term holders are cashing out while a fresh wave of dedicated investors emerges.
He remarked, “A lot of Bitcoin, for whatever reason, was left in the hands of governments, lawyers, and bankruptcy trustees.”
These entities, according to Saylor, lack a long-term outlook and are taking advantage of the current rally to liquidate their holdings.
Bitcoin is Finding its Way into Institutions
Saylor noted that Bitcoin is increasingly being acquired by institutions and investors who have a longer-term perspective, particularly through the channels of spot Bitcoin ETFs and corporate treasury strategies.
After reaching an all-time high of $109,000 on January 20, just prior to Donald Trump’s inauguration, Bitcoin dipped to a low of $76,273 by early April.
However, the cryptocurrency bounced back to surpass the $100,000 mark on May 8, driven by renewed geopolitical concerns and Trump’s proposed tariffs.
Recent data from Farside indicates that spot Bitcoin ETFs have witnessed inflows amounting to $564.7 million over the last five trading days.
Saylor also highlighted the increasing value of his firm’s holdings, stating that Strategy’s Bitcoin investments are now over 50% above their average entry price of $68,569.
Currently, the company controls 555,450 BTC, valued at approximately $57.2 billion, based on information from Saylor Tracker.
Kids Get Bitcoinpic.twitter.com/b0LU1MHA3C
— Michael Saylor (@saylor) May 9, 2025
Reflecting on the U.S. government’s Strategic Bitcoin Reserve, established by an executive order from President Trump on March 7, Saylor expressed surprise at the swift embrace of a pro-Bitcoin policy by the administration.
“I didn’t expect all the Cabinet members to be so enthusiastic,” he commented, although he acknowledged that the government has yet to begin accumulating Bitcoin, aside from assets that have been seized.
Saylor believes the current shift in the investor demographic could set the stage for a sustained rally and a stronger, more robust Bitcoin market.
Bitcoin Stalls Near $103K as Indicators Flash Consolidation — Is a Breakout Imminent?
Bitcoin is currently trading around $103,200, positioned within a consolidation phase, as indicated by the 1-minute chart.
Bollinger Bands are displaying a tightening pattern, indicating reduced volatility, while the Relative Strength Index (RSI) holds a neutral position near 51, and the Moving Average Convergence Divergence (MACD) reflects weak bearish momentum. Short-term volume fluctuations have not resulted in sustained trends, suggesting a prevailing market indecision.
On the 30-minute chart, Bitcoin continues to exhibit a bullish trend following a significant rebound from below $88K.
Nonetheless, momentum appears to be waning, with the RSI showing a downward trajectory from slightly overbought levels, and the MACD flattening despite remaining in positive territory. The Bollinger Bands are once again tightening, indicating a potential cooldown.
Overall, Bitcoin finds itself at a technical junction. Resistance is positioned at $103,340, while support is located around $102,800.
A breakout above this resistance could rekindle upward momentum, whereas failing to hold above support may result in a temporary retracement.
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