Strategy's STRC Squeeze: Bitcoin Hits $76K Wall as One Buyer Gobbles All the Supply

Bitcoin couldn't keep the party going on April 15, slipping from a $76,000 resistance level to hover around $74,000. The cryptocurrency spent most of the day bouncing between $74,000 and $74,800, dipping to an intraday low of $73,617 around 3:44 a.m. EDT before staging a rally that stalled at $74,400. At 1 p.m. EDT, bitcoin was trading just under $74,000 with 24-hour gains hovering just below 2%. Its market capitalization slipped from a Tuesday peak of $1.52 trillion to $1.48 trillion.

While global stock indices stayed mostly flat, South Korea's Kospi jumped 123 points, or 2%. Reports of potential U.S.-Iran talks renewed optimism about resolving Middle East tensions, though Iran's threats to close the Bab el-Mandeb Strait kept investors on edge.

Many blamed geopolitical tensions for bitcoin's Tuesday rally, but Bitfinex analysts offered a different take: the move wasn't driven by broad demand. Instead, a single buyer was absorbing liquidity faster than the market could supply. The culprit? Strategy, which used its perpetual preferred stock, STRC, to acquire 13,927 BTC at an average price of $71,902.

With daily mining output around 450 BTC, Strategy's buying is removing nearly 2,000 BTC per day from the market. "This was not a broad-based expansion in demand, but a mechanically driven supply squeeze led by a single, price-insensitive buyer," the analysts wrote. "STRC has effectively acted as a liquidity sink, compressing available supply and forcing price higher in the absence of natural two-way flow."

Bitfinex warned this dynamic is nearing its limit. A spot-led daily close above $75,000 would confirm the breakout beyond the $71,000 range. Otherwise, expect a quick trip back to $70,000-$71,000.