Caesars Entertainment misses Q2 earnings expectations, shares edge lower
U.Today - As Bitcoin faces a decisive moment in its price action, Michael Saylor, co-founder and executive chairman of Strategy, has taken to X to post a Bitcoin-centered tweet, referring to the cryptocurrency as "digital energy."
In a tweet, Saylor wrote, "Bitcoin is digital energy." This metaphor exemplifies Saylor’s confidence in Bitcoin’s transformative potential as a store of value and its impact on the financial landscape.
Under Saylor’s direction, Strategy, the self-proclaimed Bitcoin treasury firm previously known as MicroStrategy, has pursued an aggressive Bitcoin acquisition strategy. Since late October, Strategy has been buying Bitcoin practically weekly. In its most recent purchase, Strategy acquired 20,356 Bitcoin at an average price of approximately $97,514 between Feb. 18 and Feb. 23.
As of Feb. 23, 2025, the company holds about 499,096 Bitcoins, acquired for about $33.1 billion.
Bitcoin filling "air gap"
At the time of writing, BTC was up 1.03% in the last 24 hours to $85,424. According to Glassnode, the Cost Basis Distribution (CBD) heat map shows that Bitcoin’s December 2024 ATH created an air gap in realized supply between $70,000 and $88,000.As the market rose to new highs, long-term holders began to distribute supply, weakening price momentum. The Bybit hack exacerbated the decline, sending Bitcoin back into the low-liquidity air gap. With prices currently retesting this zone, the market is looking for demand, as further declines could result in increased volatility and sell pressure.
According to Peter Brandt, the CME weekly chart gap in Bitcoin is now nearly filled, but he asks: "But wait, what if an area island top is created by a daily gap below $77,930. Now that would be interesting."
On-chain analytics platform Spot On Chain indicated that 2025 saw the harshest February the crypto market has ever experienced. BTC dropped 17.39%, the worst February in the past decade.
Historically, a negative February has often led to a weak March, leading to questions on the potential for a recovery or if history would repeat itself.