Bitcoin Holds at $74K as Bitfinex Flags Limits to STRC-Driven Rally

Bitcoin retreated below $74,000 on April 15 after failing to hold the $76,000 resistance level. The move came alongside a choppy trading session, with the cryptocurrency largely oscillating between $74,000 and $74,800 before dipping to an intraday low of $73,617 around 3:44 a.m. EDT.

Price action and market context

After the early low, bitcoin rallied but stalled near $74,400 before reversing sharply and giving back most of those gains. The pattern repeated as the price struggled again shortly after moving above the $74,000 threshold. As of 1 p.m. EDT, bitcoin was trading just under $74,000, leaving its 24-hour gains at just below 2%.

Bitcoin’s market capitalization fell from a Tuesday peak of $1.52 trillion to $1.48 trillion.

Bitcoin’s performance contrasted with global stock indices, which were mostly flat. South Korea’s Kospi was an exception, rising 123 points, or 2%. Reports of possible renewed U.S.-Iran talks supported investor optimism that the conflict could be resolved. However, Iran’s threats to close the Bab el-Mandeb Strait in the Red Sea—citing the blockade of the Strait of Hormuz—kept geopolitical risk in focus.

Bitfinex: Strategy purchase drives a supply squeeze

Bitfinex analysts said bitcoin’s Tuesday rally was not driven by a broad resurgence in demand. Instead, they argued that a sustained buyer was absorbing liquidity faster than the market could match.

In a recent blog post, the analysts identified the buyer as Strategy, which reportedly used its perpetual preferred stock, STRC, to purchase 13,927 BTC at an average price of $71,902. With daily mining output at roughly 450 BTC, the analysts estimated that nearly 2,000 BTC per day are being removed from the market as a result of the acquisition.

“This was not a broad-based expansion in demand, but a mechanically driven supply squeeze led by a single, price-insensitive buyer. STRC has effectively acted as a liquidity sink, compressing available supply and forcing price higher in the absence of natural two-way flow,” the analysts said.

Key levels to watch

Bitfinex warned that the squeeze dynamic is approaching its limit. The analysts said a spot-led daily close above $75,000 would confirm the durability of this leg beyond a STRC pause. They added that rejection at $75,000 would likely push the market back into the $70,000 to $71,000 range.