Bitcoin slipped to $87,600 on Sunday amid renewed selling pressure, even as Strategy chairman Michael Saylor signaled that his firm may be preparing for another Bitcoin purchase.
The world’s largest cryptocurrency dropped to a two-week low of $87,600 on Coinbase during late Sunday trading, according to TradingView. The sharp weekend dip has become a recurring pattern in recent weeks. Bitcoin last traded at similar levels on December 2, when it was rebounding from a deeper slide to around $84,000. Prices later recovered above $89,000 at the time of writing.
Michael Saylor hints at fresh Bitcoin accumulation
As Bitcoin weakened, Michael Saylor reignited speculation about another major purchase. On Sunday, he posted “Back to More Orange Dots” on X, alongside a chart of Strategy’s Bitcoin portfolio, a message widely interpreted as a signal of further accumulation.
Strategy’s most recent Bitcoin purchase was its largest since late July, totaling 10,624 BTC on December 12, according to data from SaylorTracker. The firm now holds approximately 660,624 Bitcoin, valued at about $58.5 billion at current market prices. Strategy’s average acquisition cost stands at $74,696 per coin, leaving the company comfortably in profit for now.
Bank of Japan in focus as selling pressure builds
Some market participants believe the latest selling pressure is linked to expectations surrounding an upcoming interest rate decision by the Bank of Japan. Analysts have pointed to historical patterns where Japanese rate hikes were followed by sharp declines in Bitcoin prices.
One analyst, known as “NoLimit,” said investors may be underestimating the potential impact of Japan’s policy shift, noting that Japan is the largest holder of U.S. government debt and plays a key role in global liquidity flows. Polymarket data currently suggests a 98% probability that the Bank of Japan will raise rates by 0.25% on Friday.
Justin d’Anethan, head of research at Arctic Digital, said the drop toward $88,000 felt discouraging despite Bitcoin’s recovery from November lows. He noted that rising rate expectations in Japan have reignited fears of a carry trade unwind, which typically weighs on risk assets such as cryptocurrencies. As a result, macro-focused investors and short-term traders may be reducing exposure ahead of potential volatility.
Markets may have already priced in Japan’s move
Other analysts argue that the Bank of Japan’s expected rate hike is already reflected in market prices. Analyst “Sykodelic” said markets tend to move in anticipation of events rather than reacting after they occur, suggesting the impact may be limited.
D’Anethan added that Bitcoin is likely to remain range-bound between $80,000 and $100,000 in the near term, as traders wait for a clear catalyst that could drive the next major move.
