Michael Saylor Calls Bitcoin "Digital Energy" as Market Faces Key Price Test

Bitcoin is at a crucial price point, and Michael Saylor, executive chairman of Strategy, has reaffirmed his bullish stance by calling Bitcoin "digital energy." Strategy, formerly MicroStrategy, continues its aggressive Bitcoin accumulation, purchasing 20,356 BTC between Feb. 18 and Feb. 23 at an average price of $97,514. As of Feb. 23, 2025, the firm holds 499,096 BTC, acquired for $33.1 billion.

Bitcoin is currently trading at $85,424, up 1.03% in the past 24 hours. Glassnode’s Cost Basis Distribution (CBD) heat map reveals an "air gap" in realized supply between $70,000 and $88,000, created by Bitcoin’s December 2024 all-time high. As BTC surged, long-term holders distributed supply, weakening momentum. The Bybit hack further pressured the market, causing a retreat into this low-liquidity zone. Analysts now watch for demand in this area, as further declines could trigger heightened volatility and sell pressure.

Veteran trader Peter Brandt noted that Bitcoin's CME weekly chart gap is nearly closed but speculated on a potential “island top” forming if a daily gap appears below $77,930.

Meanwhile, on-chain data from Spot On Chain highlights that February 2025 was Bitcoin’s worst February in a decade, with a 17.39% drop. Historically, negative Februarys have often led to weak March performances, raising concerns about a potential extended downturn or a market recovery.

Bitcoin investors are closely monitoring these factors as the cryptocurrency navigates its latest price cycle.