Bitcoin pushed to fresh highs on Friday, revisiting the $77,000 area and trading at levels not seen since late May. The rally coincided with renewed confidence around Strategy’s corporate treasury position, which had been under scrutiny after the firm’s earlier BTC sales.

According to TradingView data cited in the report, BTC/USD posted local highs above $77,400 before the week’s final Wall Street session. The move also placed Strategy’s holdings back above its stated cost basis, a threshold that matters to investors watching whether the company’s Bitcoin-backed capital strategy remains sustainable.

Key takeaways

• Bitcoin reached about $77,000, its highest level since May 26, after trading above key resistance and reclaiming important technical levels.
• Strategy’s Bitcoin treasury returned to profit versus its reported cost basis of $75,385 for 840,447 BTC.
• On-chain analytics from Glassnode highlighted a dense realized-price cost-basis cluster forming below $70,000, with roughly 11% of BTC supply in the $58,000–$67,000 band.
• Support is forming around a technical and on-chain overlap near $68,000, after BTC broke above levels including the 200-day simple moving average around $68,967.

Bitcoin revisits $77,000 as Strategy turns the corner

The latest upswing appears to have been driven by a mix of market momentum and a specific corporate timing factor: Strategy’s reported treasury economics improved as BTC rose back above its cost basis.

Data referenced from BitcoinTreasuries indicates that Strategy’s cost basis for its BTC holdings—840,447 BTC—stands at $75,385. With Bitcoin now trading above that figure, the report states Strategy has returned to a year-to-date gain of roughly $450 million. For traders, corporate treasury profitability can influence market narratives around large holders; for Strategy-watching investors, it reduces the immediate pressure tied to “mark-to-market” concerns during drawdowns.

In the same broader context, TradingView monitoring cited in the coverage shows BTC/USD briefly pressing above $77,400 on its way toward Friday’s close. The article notes that BTC did not meaningfully consolidate in the immediate run-up, underscoring how quickly sentiment can shift once price clears prior levels.

Earlier BTC sales and the buyback structure

Strategy’s improving position did not occur in a vacuum. Earlier in August, Cointelegraph previously reported that between Aug. 3 and Aug. 9, Strategy sold a portion of its Bitcoin holdings—1,690 BTC—then used the proceeds to repurchase 1.15 million shares of its STRC preferred stock for $108.6 million. That was described at the time as the company’s fourth Bitcoin sale of 2026.

Those transactions raised questions among some observers about the long-term durability of Strategy’s Bitcoin investment thesis. In response to such concerns, analyst William Clemente argued that the subsequent BTC price strength should reduce the urgency of those fears. On X, Clemente wrote that the “Saylor/Strategy fears” should have been less relevant after Michael Saylor indicated willingness to sell BTC to fund STRC buybacks, and that with the current price impulse Strategy is now “even more over-collateralized” by its BTC holdings.

The corporate backdrop also included comments from Strategy’s current CEO, Phong Le, in an earlier August Fox News interview. Le said Strategy would return to buying Bitcoin before the end of the year—an assertion that, if followed through, would be consistent with the idea that sales have been used tactically rather than signaling an exit.

On-chain “buy wall” forms below $70,000

Beyond Strategy-specific developments, the report points to a broader market support structure visible in on-chain data. During a period when investors have been assessing whether Bitcoin’s upside can hold, Glassnode analysis highlighted a growing “safety net” below $70,000 based on realized cost basis distribution.

As summarized in the article, some 3.44 million BTC now have an on-chain cost basis between $58,000 and $67,000. Of that amount, 2.23 million BTC—approximately 11% of total supply—was added over the past 11 weeks. Glassnode cofounder Rafael Schultze-Kraft described this concentration as the “densest cost-basis cluster below spot,” calling it a key potential support zone should price retrace.

In practical terms, realized cost-basis clusters can matter because they represent coins bought (or last moved/realized) near specific price levels. When price falls back toward those areas, supply behavior often changes: holders may be more inclined to defend those positions or, conversely, may be more likely to sell if they were waiting for confirmation to exit. The article’s framing suggests that, for now, the market is developing a cushion rather than a void.

Technical levels reclaimed: $68,000 and the 200-day SMA

The week’s price action also included important technical confirmation. The report notes that BTC/USD broke through several key resistance levels, including the 200-day simple moving average (SMA) around $68,967—described as a “key target to reclaim” to end the long-term downtrend.

This technical reclaim lines up with the on-chain support narrative. The on-chain cluster discussed by Glassnode sits below $70,000, while the article specifically references a “new band of support” forming around the $68,000 area. It’s the overlap between these two kinds of signals—an SMA that tends to influence longer-horizon positioning, and a realized-price cluster that may anchor dip demand—that can strengthen market conviction during volatility.

Still, the report emphasizes that volatility remains part of the equation, with investors looking for whether the move can translate from a breakout to sustained consolidation above reclaimed levels.

Going forward, traders and long-term holders will likely watch whether Bitcoin can hold above the reclaimed resistance zone near $68,000–$69,000 and whether on-chain support beneath $70,000 continues to grow; Strategy’s treasury also remains a focal point, since continued BTC purchases (as CEO Phong Le indicated) would further shape market sentiment about large-holder intent.

Key takeaways

• Bitcoin, Ethereum, and XRP have gained nearly 20%, over 25%, and almost 30%, respectively, this week.
• Expanded U.S. Treasury debt buybacks have improved liquidity expectations and boosted demand for risk assets.
• Bitcoin trades around $76,800 after breaking above its 50-day, 100-day, and 200-day exponential moving averages.

Bitcoin, Ethereum, and XRP extended their rallies Friday as improving liquidity expectations continued to lift the broader cryptocurrency market.

Bitcoin has gained nearly 20% this week, while Ethereum has risen more than 25% and XRP has advanced almost 30%.

The rally gained momentum after the U.S. Treasury announced plans to double the size of certain debt buyback operations. 

The decision eased liquidity concerns and strengthened demand for risk-sensitive assets.

With the three cryptocurrencies trading firmly higher, investors are now watching whether Bitcoin can reach $80,000, Ethereum can reclaim $2,500, and XRP can advance toward $1.50.

Treasury buyback expansion strengthens crypto rally

The U.S. Treasury’s decision to expand its debt buyback program has helped improve sentiment across financial markets.

Larger buybacks can support liquidity in the market for longer-dated Treasury securities, easing financial pressures and encouraging investors to increase their exposure to riskier assets.

Cryptocurrencies responded strongly to the announcement, with Bitcoin, Ethereum, and XRP recording double-digit weekly gains.

Short liquidations also accelerated the rally as bearish traders were forced to close their positions, adding further buying pressure.

Bitcoin was trading around $76,800 on Friday after decisively breaking above its major exponential moving averages.

The 200-day EMA stands at $71,545, while the 100-day and 50-day EMAs are located at $66,727 and $65,286, respectively.

BTC’s position above all three indicators supports a bullish near-term outlook and suggests the market’s broader technical structure has improved considerably.

The breakout was accompanied by strong trading volume, adding credibility to the latest upward move.

Sustained trading above the 200-day EMA would reinforce the case for further gains and could establish the level as new support.

BTC bulls target the $80,000 resistance

Bitcoin’s next major resistance lies near the psychological and horizontal barrier at $80,000.

A move from $74,700 to $80,000 would represent an additional gain of approximately 7.1%.

However, the $80,000 level could attract profit-taking and fresh selling pressure following Bitcoin’s rapid weekly advance.

A decisive break and daily close above the barrier would strengthen the bullish outlook and potentially open the way to higher levels.

Failure to clear $80,000 could lead to a period of consolidation as traders digest the recent gains.

Bitcoin’s momentum indicators remain bullish but increasingly stretched. The relative strength index is hovering near 83, placing BTC firmly in overbought territory. Such an elevated reading does not guarantee an immediate reversal, but it indicates that the rally may be vulnerable to a corrective pause.

The moving average convergence divergence remains strongly positive, showing that upward momentum is still intact.

Together, the indicators suggest bulls remain in control, although the risk of short-term profit-taking has increased.

If Bitcoin retreats, initial support sits at the 200-day EMA near $71,545. Holding above this indicator would preserve the immediate bullish structure and could provide a foundation for another attempt at $80,000.

A deeper correction could bring the 100-day EMA at $66,727 and the nearby horizontal level at $66,500 into focus.

Below that region, the 50-day EMA at $65,286 offers another layer of support, followed by the structural floor at $62,300.

A sustained decline below $62,300 would weaken the broader bullish outlook, while continued trading above the 200-day EMA would keep the $80,000 target within reach.

Bitcoin (BTC) hit $77,000 on Friday as business intelligence company Strategy’s corporate treasury returned to profit.

Key points:

• Bitcoin reaches its highest level since May 26 as it revisits $77,000.
• Price returns above the cost basis for Strategy’s BTC corporate treasury at $75,385.
• Around 11% of the BTC supply constitutes a new band of support below $68,000.

Strategy out of the red with Bitcoin at highest since May

Data from TradingView showed new local highs above $77,400 prior to the week’s final Wall Street open.

BTC/USD one-day chart. Source: Cointelegraph/TradingView

Now up around 20% in 48 hours, BTC/USD saw little by way of consolidation as it reclaimed a key level for Strategy, the world’s largest corporate Bitcoin treasury company. Data from monitoring resource BitcoinTreasuries puts the cost basis for Strategy’s holdings of 840,447 BTC at $75,385, currently with a year-to-date gain of approximately $450 million.

Strategy Bitcoin treasury cost basis data. Source: BitcoinTreasuries

As Cointelegraph reported, between Aug. 3 and Aug. 9, Strategy opted to sell a small portion of its treasury worth 1,690 BTC to repurchase 1.15 million shares of its STRC preferred stock for $108.6 million. The move represented the company’s fourth Bitcoin sale of 2026.

Concerns over the long-term viability of the company’s Bitcoin investment thesis accompanied the sales, something that the subsequent BTC price run-up should help alleviate, independent crypto analyst William Clemente suggested.

“Not only should Saylor/Strategy fears have been abated for a while once he showed that he was willing to sell BTC to rebuy STRC, but now after this price impulse they are even more over-collateralized by their BTC holdings,” he wrote on X, referring to former CEO Michael Saylor.

In an interview with Fox News earlier in August, current CEO Phong Le stated that Strategy would return to buying Bitcoin before the end of the year.

New BTC buy wall sits below $68,000

Amid misgivings over the durability of Bitcoin’s volatile upside move, analysis from onchain analytics platform Glassnode revealed a new safety net forming below $70,000.

Related: Bitcoin has ‘largely purged’ froth that preceded 50% drop from $126K: BlackRock

Some 3.44 million BTC now have an onchain cost basis, also known as realized price, between $58,000 and $67,000. Of this, 2.23 million BTC — equal to around 11% of the total supply — was added over the past 11 weeks.

“It’s the densest cost-basis cluster below spot — a key potential support zone on any retracement,” Glassnode cofounder Rafael Schultze-Kraft commented on X.

Bitcoin UTXO realized price distribution data. Source: Rafael Schultze-Kraft on X.com

BTC/USD broke through several key resistance levels this week, including its 200-day simple moving average (SMA) at $68,967, a key target to reclaim to end the long-term BTC price downtrend.

Key takeaways

• Pepe has gained 25% this week, including a combined 22% advance over the previous two days.
• Seven whale transactions worth more than $1 million each occurred Thursday, the highest number since March 16.
• Exchange supply fell by 1.45 trillion PEPE, while top non-exchange wallets added 3.54 trillion tokens since August 12.

Pepe maintained its bullish momentum Friday after gaining a combined 22% over the previous two trading days.

The frog-themed meme coin is up approximately 25% this week as whale accumulation, declining exchange supply, and rising speculative activity strengthen its near-term outlook.

PEPE has also reclaimed several important technical levels, opening a potential path toward its 200-day exponential moving average at $0.00000363.

Whale transactions reach highest level since March

Large investors appear to be returning to Pepe as its price recovers from recent lows. Santiment recorded seven PEPE transactions worth more than $1 million each Thursday, the highest daily total since March 16.

The increase in high-value transfers indicates renewed activity among whales, although large transactions can represent either accumulation or distribution.

Changes in wallet balances, however, suggest that major holders are accumulating tokens while the amount of PEPE available on exchanges declines.

The supply of PEPE held on cryptocurrency exchanges has fallen to 81.30 trillion tokens from 82.75 trillion on August 12.

The 1.45 trillion-token decline reduces the amount of PEPE immediately available for trading and potential sale.

Meanwhile, leading non-exchange addresses increased their combined holdings to 84.04 trillion PEPE from 80.50 trillion over the same period.

That represents an increase of 3.54 trillion tokens, reinforcing signs of fresh demand from large-wallet investors.

Whale accumulation near a market swing low can indicate that influential holders expect a recovery. Continued buying and declining exchange balances could therefore support further gains, provided broader market sentiment remains favorable.

Demand is also increasing in the derivatives market. PEPE futures Open Interest climbed to a three-month high of $250 million, up from $209 million the previous day, according to CoinGlass.

The $41 million increase represents growth of approximately 19.6% and indicates that traders are opening new positions or adding exposure to existing contracts.

PEPE’s Open Interest-weighted funding rate stands at 0.0095%. The positive reading shows that long-position holders are paying short traders, reflecting a bullish bias.

However, rising Open Interest and positive funding can also increase liquidation risks if the price reverses sharply. Meme coins are especially vulnerable to volatility when speculative positioning becomes crowded.

Pepe price targets the 200-day EMA

PEPE’s near-term technical outlook has improved after its latest rally pushed the token above the 50-day EMA at $0.00000283 and the 100-day EMA at $0.00000300.

The meme coin has also surpassed its June 15 high of $0.00000314, clearing another important resistance level.

The next major barrier sits at the 200-day EMA near $0.00000363. Because PEPE remains below this long-term trend indicator, the broader technical structure has not yet turned decisively bullish.

A confirmed breakout and sustained close above $0.00000363 could strengthen the recovery and open the path toward the May 10 high at $0.00000459.

The Moving Average Convergence Divergence line has crossed above its signal line and moved further into positive territory.

A bullish histogram has also emerged above the zero line, indicating that buying momentum is strengthening.

If PEPE fails to overcome the 200-day EMA, traders may begin taking profits following the sharp weekly advance.

The 100-day EMA at $0.00000300 and the 50-day EMA at $0.00000283 could provide initial support during a pullback. A decisive decline beneath both indicators would weaken the bullish outlook and expose the July 8 low at $0.00000255.

A Hong Kong appeals court has upheld a 56-month prison term for Ma Zhihao after investigators linked ransom payments from a human trafficking operation to a crypto exchange account registered in his name.

Caixin reported on Aug. 20 that the Hong Kong Court of Appeal rejected Ma’s request for a reduced sentence, leaving intact the punishment imposed over his role in a scheme that lured victims to Southeast Asia with fake job offers before some were confined and forced into scam operations.

Blockchain transaction records became a key part of the prosecution after Hong Kong police traced a ransom paid by the family of one victim. Investigators found that roughly 9,527 Tether (USDT) had been transferred to a cryptocurrency wallet specified by the criminals.

Police then tracked 8,127 USDT from the ransom to an exchange account opened using Ma’s real name and Hong Kong identity documents, according to Caixin. The funds were converted into roughly HK$63,000 and sent to Ma’s personal HSBC bank account.

The Court of Appeal said the transaction trail supported the finding that Ma had participated in the scheme and received proceeds from it. Judges also said his punishment would have been substantially heavier had the District Court not been restricted by its seven-year sentencing limit.

Blockchain records tied the ransom directly to Ma

The case involved five victims who were recruited between 2021 and August 2022 through false employment and business offers circulated on platforms including Facebook, Telegram and Instagram.

Recruiters advertised jobs at Cambodian casinos, assignments involving the purchase and transport of luxury handbags from Thailand, and work carrying expensive watches, according to case details reported by Hong Kong media. Some offers promised payments reaching tens of thousands of Hong Kong dollars.

Once a victim accepted an offer, members of the network helped arrange passports and airline tickets. After arriving in Southeast Asia, victims could instead have their phones and travel documents taken before being moved to compounds controlled by criminal groups.

One 20-year-old victim responded to a Telegram advertisement offering HK$20,000 for travelling to Thailand and buying luxury goods for resale in Hong Kong. After arriving in August 2022, he was transported to Myanmar’s KK Park, where criminals told him that he had been purchased and demanded $20,000 for his release.

His girlfriend eventually transferred more than 9,500 USDT, worth about HK$75,000 at the time, to secure his return. Investigators later followed most of that cryptocurrency through the blockchain to the exchange account associated with Ma.

The transparent transaction history gave police a record connecting the ransom wallet, the exchange account and the subsequent withdrawal into the traditional banking system.

Hong Kong police have since developed more specialized tools for such investigations. As previously covered by crypto.news, the Cyber Security and Technology Crime Bureau unveiled its CryptoTrace system in May 2025 after developing the platform with the University of Hong Kong.

CryptoTrace uses blockchain analytics and transaction visualization to help officers follow suspected illicit funds and identify connections between wallets. Police had already trained frontline officers on the system before its public unveiling, according to the earlier report.

Fake jobs sent victims into Southeast Asian scam compounds

Ma and his associates used several recruitment methods depending on the victim, with high pay serving as a recurring lure.

One man was offered work at a Cambodian casino for $300 per day with accommodation and airfare included. Another victim was persuaded to travel after receiving an offer connected to luxury goods, while a man with mild intellectual disabilities was drawn to Thailand through an online relationship and a promise involving a large cash payment.

Victims who reached the compounds faced different forms of coercion. Court proceedings described confiscated passports, threats, confinement and physical abuse, while some victims were forced to participate in online scams.

The man with an intellectual disability suffered particularly severe treatment after refusing to join fraud operations. Case details presented in Hong Kong court proceedings said he was handcuffed to a bed, subjected to electric shocks and later confined in a cage for several days. His family eventually paid HK$35,000 through Alipay before he was able to return to Hong Kong.

Another victim taken to Cambodia initially refused to conduct online scams, but Ma repeatedly pressured him and threatened the safety of the victim and his family, according to the agreed facts of the case. Cambodian authorities eventually rescued him after his mother contacted Hong Kong law enforcement.

Similar recruitment methods remain in use across Southeast Asian cybercrime compounds. On July 4, an investigation in India was opened after the family of a 24-year-old man said he had accepted a graphic design and data-entry job in Thailand before being taken to a scam compound near the Myanmar border.

Police in that case said the advertised job offered roughly 70,000 Indian rupees a month. After crossing into the compound, the man allegedly had his passport and travel documents confiscated and later told his family that captives were being forced to work long hours in online fraud operations.

Hong Kong human trafficking case followed years of recruitment scams

The Hong Kong prosecution emerged from a wave of cases reported from 2022 onward involving people recruited for supposed jobs in Thailand, Cambodia and other parts of Southeast Asia before being moved into guarded compounds.

Ma and another defendant, Cheung Man-wai, later admitted conspiracy to defraud in connection with the recruitment of five people.

During sentencing in November 2024, the District Court imposed a 56-month prison term on Ma for conspiracy to defraud after using seven years as the starting point before applying a reduction for his guilty plea. He also received a 28-month sentence after admitting a money-laundering charge, bringing his total imprisonment to 84 months, according to local court reporting.

Cheung, whose role was described as less central, received a 36-month prison sentence. The sentencing judge found that he nevertheless knew the operation involved human trafficking when he helped take one of the victims to the airport.

The District Court treated Ma as an important participant in a planned operation connected with an international criminal organization. All five victims eventually returned to Hong Kong after periods of confinement or coercion abroad.

Crypto payments have remained common in investigations involving Southeast Asian trafficking and scam networks. A February 2026 Chainalysis report found that crypto-linked trafficking payments increased 85% in 2025 across services tracked by the blockchain analytics firm, including labor recruiters associated with Southeast Asian scam compounds.

Chainalysis said tracked activity involved hundreds of millions of dollars across identified services, with stablecoins forming part of the payment infrastructure used by criminal networks and related laundering channels.

Authorities continue tracing crypto across scam networks

Law enforcement agencies have increasingly followed cryptocurrency transfers alongside bank accounts and other payment channels when investigating transnational fraud.

A July 2026 INTERPOL operation blocked illicit crypto transfers during a crackdown spanning 97 countries and territories. The operation resulted in 5,811 arrests, more than 31,000 blocked bank accounts and the interception of $293 million in illicit assets.

Thai investigators involved in the operation uncovered a laundering network suspected of processing romance-scam proceeds through cross-chain token swaps. One identified wallet had handled more than $122.5 million, according to INTERPOL data cited in the report.

Authorities identified more than 142,000 victims during the operation and used payment-blocking mechanisms to freeze suspicious fiat and cryptocurrency transfers before some funds could move further through laundering networks.

In Ma’s case, the blockchain trail led investigators from the USDT ransom payment to an exchange account carrying his identity information and then to the HK$63,000 transferred into his HSBC account, evidence the appeals court relied on when rejecting his request for a lighter sentence.