Strategy reports more than $14 billion unrealized loss as bitcoin remains stuck in tight range

Strategy reported in an 8-K filing today a $14.46 billion unrealized loss in its first quarter, following bitcoin’s descent over the past three months.

This didn’t deter Strategy from stacking more bitcoin: it also announced acquiring 4,871 bitcoin, bringing its total to 766,970 bitcoin.

Bitcoin briefly crossed $70,000 early Monday morning, its highest level since March 25, but fell back to the $69,000 range shortly after, a level it’s spend a lot of time at lately.

Macro and geopolitical narratives continue to dictate bitcoin’s trajectory.

“BTC continues to function as a residual indicator of risk appetite, consolidating within the 61,000–71,000 range. The inability to break higher reflects the absence of risk capital inflows, while liquidity continues to build on the downside. Any further deterioration in macro conditions or escalation in conflict could trigger concentrated downside releases,” Dean Chen, a Bitunix analyst, told Sherwood News.

Meanwhile, bitcoin ETFs recorded $22.34 million in inflows last week, the smallest weekly inflow on record, according to SoSoValue, reflecting tepid and cautious institutional demand.

Timothy Misir, head of research at Blockhead Research Network, said that with bitcoin trapped in the $60,000 to $70,000 range, “the market is not starved of narratives. It is starved of a clean catalyst.”

Misir said the crypto tape still looks hesitant, and macro pressure remains intense. While events last week, such as the Labor Department proposing wider access to alternatives in 401(k)s and Coinbase’s conditional approval for a national trust company charter, are positive, price action is “less enthusiastic,” he said. 

Further down the bearish spectrum, Bloomberg Intelligence analyst Mike McGlone reiterated his prediction that bitcoin would crater to $10,000. This time, however, McGlone added a caveat: the asset could “prove him wrong” by “staying above $75,000,” something that hasn’t happened since mid-March.

On the other hand, some analysts, such as Pratik Kala, portfolio manager and head of research at Apollo Crypto, continue to point to bitcoin’s relative resilience compared to other risk assets since the start of the Middle East conflict, saying the next target is $78,000, which is possible “by end of month.”

“As other markets whipsaw with Trump’s tweets, BTC has been relatively stable and sticky around 68K. It’s also at the 200-week moving average with other technicals indicating sentiment worse than during FTX,” Kala told Sherwood, adding that the confluence of these factors makes bitcoin one of the best risk-adjusted bets for the rest of the year.

“Next target is 78K, which has shown high volumes in the past. 72K by end of week would be great,” Kala said.