Bitcoin Faces Selling Pressure at $88K-$90K — Is the BTC Rally Slowing Down?
Bitcoin (BTC) is encountering significant selling pressure as it approaches the critical resistance zone between $88,000 and $90,000. After a strong rally, market analysts are questioning whether the cryptocurrency’s upward momentum is beginning to slow.
GameStop Moves to Invest in Bitcoin
GameStop Corporation (GME), the video game retailer known for its meme-stock status, is reportedly preparing to invest in Bitcoin. The company’s board unanimously approved a plan to allocate corporate cash or future debt issuances toward acquiring Bitcoin and US-dollar-pegged stablecoins.
According to CNBC, GameStop confirmed this strategy in its fourth-quarter earnings report released on March 25, stating explicitly that its investment policy now permits cryptocurrency investments.
GameStop currently holds substantial cash reserves, totaling over $4.77 billion as of February 1, significantly higher than the $921.7 million reported a year earlier. The company reported net sales of $1.283 billion for the fourth quarter and $3.823 billion for fiscal 2024.
Following MicroStrategy’s Bitcoin Playbook
GameStop’s move mirrors the strategy of MicroStrategy, a company renowned for its aggressive Bitcoin accumulation. Earlier this month, GameStop CEO Ryan Cohen sparked speculation by posting a photo with MicroStrategy executive chairman and Bitcoin advocate Michael Saylor.
MicroStrategy recently announced the acquisition of an additional 6,911 BTC, bringing its total holdings to 506,137 BTC—approximately 2.4% of Bitcoin’s total supply.
Quick Summary and Key Points
- Bitcoin faces resistance at the $88K-$90K price range.
- GameStop plans to invest in Bitcoin and stablecoins following board approval.
- GameStop holds over $4.77 billion in cash reserves.
- GameStop CEO Ryan Cohen’s meeting with Michael Saylor fueled speculation.
- MicroStrategy continues to expand its Bitcoin holdings, now owning over 500,000 BTC.
Related: GameStop buying Bitcoin would ‘bake the noodles’ of TradFi: Swan exec
Related: MicroStrategy announces 10% preferred stock offering to buy more Bitcoin
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