Bitcoin is currently trading at around $65,150, a decrease of 0.8% over the past 24 hours. The biggest factor that could cause the price to fall isn’t related to overall economic conditions or money flowing into Bitcoin ETFs, but instead the upcoming second-quarter earnings report from MicroStrategy (MSTR) on July 31st.
Strategy, the biggest publicly traded company holding Bitcoin, is facing challenges that could affect the price of BTC. In the first quarter of 2026, they reported a $14.5 billion operating loss, mainly because Bitcoin prices went down, even though their software revenue increased to $124.3 million.
(SOURCE: CoinGecko)
Recent performance indicators are down, with Bitcoin returns falling to 5.8% and the rate of Bitcoin holdings increasing by only 8% compared to last year. Analysts predict that the London Stock Exchange Group (LSEG) will generate $3.86 billion in operating profit for the second quarter.
Current predictions are based on few analysts’ guesses and might be too optimistic. This is particularly true considering Bitcoin fell from about $68,100 in the first quarter to around $59,100 by the second.
Can Bitcoin Price Hold $60,000 as Strategy’s mNAV Risk Builds?
Strategy holds over $51,000,000,000,000 $BTC.
But the company itself is now valued at just $29.5 billion.
For years, investors treated $MSTR like a leveraged Bitcoin ETF.
The model was simple:
Issue more shares → Buy more Bitcoin → BTC goes higher → Investors keep paying a…
— Ted (@TedPillows) June 27, 2026
Currently, the price is strongly supported around $60,000 to $61,000. If the price falls below this level, it could drop to the mid-$50,000s, where more buyers are likely to step in. On the upside, there’s resistance between $66,000 and $68,000, and a move above $70,000 could lead to further gains.
Three scenarios frame the near-term range:
As a researcher, I’m outlining the optimistic scenario. We’d see positive macroeconomic data, a renewed influx of funds into spot Bitcoin ETFs, and Bitcoin prices climbing back into the high $60,000s. Crucially, our modeled net asset value (mNAV) would stabilize above 1.22x, confirming that our accretion model is performing as expected.
Bitcoin’s price is currently stable between $60,000 and $65,000 as trading activity settles down. Investors are pausing to see what signals the Federal Reserve will send about future monetary policy, while mNAV remains close to its expected value.
If Bitcoin falls below $60,000, the net market value (mNAV) could drop back to its lowest point from late June, or even lower. This situation might also force Strategy to sell their Bitcoin holdings, which would add further downward pressure on the price.
Most traders haven’t fully recognized the implications of this situation. When the market value of net assets (mNAV) falls below 1.22 times the cost – the level management has said is needed to break even after accounting for debts and preferred stock – issuing new shares actually reduces value instead of increasing it. This also means the consistent buying support this strategy usually provides to Bitcoin disappears.
MicroStrategy’s current strategy of acting like a way to invest in Bitcoin relies on its stock trading at a price higher than the value of the Bitcoin it holds. If that ‘premium’ disappears, MicroStrategy would simply hold onto its Bitcoin instead of continually buying more, which could significantly change how the market functions.
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Bitcoin Hyper Targets Infrastructure Upside While Spot BTC Stalls
As Bitcoin’s price stabilizes within a certain range and its long-term support weakens, more traders are turning to investments in earlier-stage Bitcoin-related companies. These offer greater potential for profit with less risk, and their performance isn’t as directly tied to the often-volatile price of Bitcoin itself.
Bitcoin Hyper ($HYPER) is building essential technology for Bitcoin, acting as the first ‘Layer 2’ solution that works with Solana’s technology (SVM). This aims to make transactions much faster – nearly instant – and cheaper, all while maintaining the strong security of the original Bitcoin network.
This project aims to solve some of Bitcoin’s biggest challenges – its slow speed, high transaction costs, and limited capabilities – by using a new system for transferring Bitcoin and a powerful processing method that the developers say is even faster than Solana.
The initial coin offering has generated $32.98 million, with each token currently priced at around $0.014. Participants can also earn rewards by staking their tokens.
Visit the Bitcoin Hyper Presale Website Here.
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2026-07-23 19:12