Strategy’s recent sale of 32 BTC could be followed by new purchases.
Bitcoin is approaching the 200-week moving average, a signal seen in previous bearish cycles.
Bitcoin (BTC) is experiencing a week of high pressure after falling nearly 14% in the last seven days and approaching the USD 60,000 area again, a level considered key by many operators. Although a break below that support could increase selling pressure and affect the rest of the market, not all analysts share a pessimistic view of the possible scenario.
Geoff Kendrick global director of digital asset research at British bank Standard Chartered, believes that the correction could be approaching its final stage. According to the analyst, There are three pillars that suggest that much of the liquidation would have already occurred and that the market could be close to finding a flat.
One of the factors that stands out is the activity of Strategy, the company known for maintaining one of the largest corporate reserves of Bitcoin. Kendrick recalled that, after a sale in December 2022, the company repurchased more BTC just a few days later. Now, after the recent sale of 32 bitcoins, the analyst believes that a similar movement could be repeated. If a new significant purchase is made, the market could interpret it as a sign of confidence in current prices.
The second element that Standard Chartered looks at is the 11 spot Bitcoin ETFs listed in the US. Although these funds have recorded outflows close to USD 5,000 million during the last three weeksKendrick maintains that the overall picture remains strong. Since their launch in January 2024, the ETFs have accumulated net inflows of more than $50 billion and their holdings have declined very little. For the bank, this reflects that the majority of institutional investors maintain a long-term vision.
The third factor is related to futures markets. Around $1.5 billion of leveraged long positions were liquidated during the recent decline. According to Kendrick, this deleveraging reduces the risk of further cascading liquidations and helps stabilize the market after episodes of extreme volatility.
To these signals, and although the entity did not mention it, another indicator is added that reflects the cooling of the ecosystem: the Bitcoin NFT market. Digital collectibles have accumulated more than 10 consecutive days of negative results, with a sustained reduction in trading volume and user activity.
This behavior is usually interpreted as a sign of lower risk appetite, since NFTs are usually one of the most speculative segments of the market. When investors become more cautious, demand for these assets usually falls before that of the main cryptocurrencies. However, analysts consider This process also helps eliminate speculative excesses and can contribute to a healthier recovery in the future.
In addition to these factors, Standard Chartered highlights a relevant technical signal. Bitcoin is trading near its 200-week simple moving averagean indicator that has historically served as a support zone during several bear markets. In previous cycles, the price found stability near this level before starting new bullish phases.
“I think when we look towards the end of 2026 with BTC at $100,000 and ETH at $4,000, we will say this was the buy zone we all wanted,” he said. Stay alert!
-Gregory Kendrick
Even so, The bank acknowledges that there is no certainty about the exact point where the correction will end. Bitcoin continues to operate in a high volatility environment, where ETF flows, institutional activity, derivatives markets and the macroeconomic context can quickly change investor sentiment.
For Kendrick, if Strategy buys BTC again, the ETFs remain resilient, and leverage continues to reduce, the chances of the market being close to bottoming will increase. Nevertheless, a sharp loss of the USD 60,000 level could open the door to a new phase of weakness. For now, the market remains divided between those who see an opportunity for accumulation and those who fear that the declines are not over yet.