Strategy intensifies Bitcoin purchases as the market tests the six-figure psychological resistance

The inaugural week of 2026 marks a turning point in institutional behavior regarding cryptocurrencies. Strategy, the largest global Bitcoin accumulation corporation, reaffirmed its aggressive stance by announcing the acquisition of 1,283 units of the currency for approximately US$ 116 million. This move, executed at US$ 90,000 per Bitcoin, expands its portfolio to 673,783 Bitcoins, equivalent to about US$ 62.6 billion in market value—a position that consolidates the company as a reference in corporate adoption of the asset.

Michael Saylor reported that the company also increased its cash reserve by US$ 62 million, reaching US$ 2.25 billion in strategic liquidity. This financial cushion ensures dividend payments and honors commitments with creditors, offering the company autonomy to continue accumulating Bitcoins regardless of short-term fluctuations. The recurring purchase strategy remains intact, supported by the US$ 747.8 million in net funds raised in December through stock offerings in the North American market.

The current price and the pressure to break technical barriers

Bitcoin started January consolidating vigorous gains, touching US$ 94,752 on the Bitstamp platform during the New York trading session opening. The latest data indicate a quote of US$ 96.65K, reflecting a 1.64% increase in the last 24 hours. To understand the significance of these movements in the local currency, it’s enough to consider that Bitcoins in reais multiply this volatility by the current exchange rate, amplifying both opportunities and risks for Brazilian and Portuguese-speaking investors.

From a technical perspective, the currency surpassed critical barriers accumulated throughout 2025. The 50-day exponential moving average and the annual opening level of US$ 93,500 were both broken, signaling strength in the recovery. Trader Max Rager highlights that maintaining quotes above US$ 94,000 would serve as a catalyst for a new push toward US$ 100,000, a psychological barrier dividing expectations between optimists and skeptics.

Michaël van de Poppe, founder of MN Capital, classifies the current level as the “final obstacle” before six digits. Although he does not project an instant and linear breakout, the analyst predicts that this movement should materialize over the next few days, supported by the 12-hour chart structure showing recovery in buyer momentum.

Geopolitical context heats up demand for reserve assets

The scenario fueling these movements transcends technical analysis. The geopolitical instability in Venezuela, marked by US military operations, has reignited flows into tangible and scarce assets. Spot gold reacted with an increase of over 2.5%, reaching US$ 4,455 per ounce, while US stock indices—S&P 500 and Nasdaq—rose approximately 1%.

This environment of international tension reinforces the store of value thesis advocated by Bitcoin proponents. The programmed scarcity of the asset, combined with the perception of geopolitical uncertainty, continues to attract capital seeking protection against currency devaluations and expansionist monetary policies. Kobeissi Letter summarized the prevailing sentiment well: in times of instability, “asset owners keep winning.”

Institutional concentration reaches new level

This phenomenon is not exclusive to Strategy. Publicly traded corporations around the world hold approximately 1.09 million Bitcoins, representing 5.21% of the total circulating supply. This institutional concentration shapes the narrative of absolute scarcity.

Japanese company Metaplanet has established itself as the fourth-largest corporate holder, with 35,102 Bitcoins valued at around US$ 3.25 billion. This move mirrors the strategy embraced by Strategy, indicating that corporate accumulation transcends geographic borders and economic sectors.

The liquidity dilemma and warning signs

However, not everything shines under this optimistic rhetoric. Veteran analysts like Willy Woo raise uncomfortable questions about market depth. Woo notes that, despite high nominal prices, liquidity in order books remains limited. While the mempool and transaction fees indicate a local liquidity bottom, the actual volume still warrants caution.

Glassnode corroborates this concern by reporting spot trading volumes at the lowest levels since late 2023. Woo projects a seasonal boost in January but warns that sustainability requires greater network engagement in on-chain transactions. Without this solid foundation, the movement risks being mere transient volatility in a market lacking real depth.

Accounting losses temper euphoria

Strategy faced a significant quarterly balance sheet result: an unrealized accounting loss of US$ 17.4 billion related to the fourth quarter, reflecting the more than 23% devaluation suffered by Bitcoin in the last months of 2025. To mitigate the fiscal impact, the company recorded a deferred tax benefit of approximately US$ 5 billion.

Shares of MSTR reacted positively in pre-market trading, rising 4.8% and surpassing US$ 160. However, the stock has fallen over 58% in the past year, highlighting the intrinsic correlation and inherent volatility of a business model entirely centered on crypto assets.

Outlook for the coming weeks

The continuation of this upward trend will depend, according to commentators, on the consistent entry of buyers into the spot market. Without robust volume, Bitcoin remains vulnerable to bull traps that could result in quick liquidations if external scenarios stabilize. The weakening of institutional demand via ETFs leaves scars on the market structure.

Analysts agree that early 2026 shows an optimistic bias, but technical exhaustion could emerge if the US$ 94,000 level is not defended with solid buy orders in the upcoming trading sessions. The immediate challenge is to turn nominal movements into genuine volume, establishing Bitcoins in reais and other currencies as a true global reserve asset, beyond mere speculative volatility.