Bitcoin experienced a notable price surge on April 13, lifting more than 5% and nearing the $75,000 mark, marking its most significant intraday movement in weeks. This rally came amidst mixed reactions from traders influenced by macroeconomic pressures and technical positioning. Following a period of volatile trading, the cryptocurrency had established a narrow range, hovering around $68,000 for support and facing resistance at approximately $75,000. This fluctuation was exacerbated by rising geopolitical tensions linked to recent U.S.–Iran developments.
Earlier that week, Bitcoin saw a dip towards $70,000 triggered by the collapse of diplomatic negotiations and heightened military presence in the Strait of Hormuz, which subsequently drove oil prices above $100 per barrel. This scenario has contributed to increased caution among investors, weighing on overall risk assets. Despite the challenging environment, Bitcoin demonstrated resilience, managing to stay above the $70,000 mark for most of the preceding week.
The day began with Bitcoin trading close to $70,000 before it rapidly ascended as the trading session progressed. Analysts had previously identified a significant cluster of leveraged short positions in the $72,000 to $73,500 range, which set the stage for a swift upward movement once those resistance levels were breached. As Bitcoin’s price traversed this zone, liquidations of short positions intensified the rally, propelling the asset towards the upper limit of its established multi-week range.
In addition to the price movement, Strategy’s accumulation efforts reached a new peak, as their at-the-market (ATM) program recorded over $1 billion in trading volume on April 13. This activity, all occurring at or above the $100 par value necessary to trigger share issuance, allowed the firm to operate its ATM program at full capacity. According to estimates from Bitcoin for Corporations, this volume translated into approximately $796 million in proceeds in a single day, enabling potential acquisitions of around 10,834 BTC at an average price near $73,400, significantly surpassing the daily Bitcoin mining supply.
Moreover, Strategy’s net ATM proceeds for the week of April 6–12 amounted to $1.001 billion, with the firm acquiring 13,927 BTC at an average price of $71,902 during this timeframe. The firm’s capture rate—the proportion of eligible trading volume converted into proceeds—rose to 81%, showcasing a significant improvement from 45% at the beginning of March. This upward trajectory indicates an aggressive execution strategy and an increase in market demand for Bitcoin.
The ongoing weeks have demonstrated a pattern of accelerating gains, with several billion-dollar trading periods and enhanced capital deployment efficiency. Notably, Monday’s transactions approached 80% of the previous week’s total proceeds, setting the current week on track to become the most substantial in the program’s history. Currently, Strategy holds approximately 780,897 BTC, totaling around $59 billion in acquisition costs. With more than $3.5 billion in proceeds generated through its STRC ATM program, the firm solidifies its status as the largest corporate holder of Bitcoin while continuing its expansive accumulation strategy.
