Bitcoin’s slide back toward the $61,000 area has put fresh pressure on crypto markets, and Strategy, the company formerly known as MicroStrategy, is feeling the impact more than most.
The move matters because Bitcoin is not just another asset for Strategy. It is the center of the company’s identity, balance sheet, and investor story. When BTC falls sharply, MSTR often reacts like a leveraged version of the same trade.
According to market data, Bitcoin was recently trading near $61,004 after touching an intraday low of $60,913. Strategy shares also came under heavy pressure, falling to around $99.27 after hitting an intraday low of $97.34.
Bitcoin Loses Key Momentum Near $61K
Bitcoin’s latest decline has pushed the market back into a more defensive mood. Coindesk reported that BTC pulled back to just above $61,000, while Strategy shares dropped nearly 4% in early trading and briefly touched $99.10. That marked the first time MSTR had fallen below triple digits since February 2024.
The weakness follows a broader selloff that has already damaged sentiment across crypto. Bitcoin briefly fell below $60,000 earlier in June, reaching its lowest level since 2024, according to Investopedia. The report also noted that BTC was trading at less than half of its October 2025 record high above $120,000.
For traders, the concern is not only the price level. The bigger issue is that Bitcoin has lost a key support area at a time when confidence in risk assets is already fragile. When BTC breaks a major level, short-term holders, leveraged traders, and momentum funds can all become sellers at once.
That is why the move feels heavier than a normal pullback. Bitcoin has spent much of this cycle acting as a confidence gauge for speculative markets. When risk appetite improves, BTC often leads. When investors step back, it can fall faster than traditional assets.
Why Strategy Is Taking The Hit
Strategy has become one of Wall Street’s most direct Bitcoin proxy trades. The company holds a massive BTC position, so investors often treat MSTR as a high-beta bet on Bitcoin rather than a regular software stock.
That relationship can work strongly in Strategy’s favor when Bitcoin rises. However, the same structure becomes painful when BTC falls. A weaker Bitcoin price lowers the value of Strategy’s holdings, pressures investor confidence, and raises questions about how easily the company can keep funding its Bitcoin strategy.
The pressure is not only coming from the common stock. Barron’s reported that Strategy recently bought another 520 BTC for $34.9 million, bringing its total holdings to 847,363 BTC. The same report said the company’s preferred stock, STRC, had fallen to $82.53, pushing its yield near 14% and raising concerns about financing costs.
Investor’s Business Daily also warned that Strategy faces rising financial pressure because of its Bitcoin exposure and future funding needs. The report noted that MSTR had fallen below $100 for the first time since March 2024, while preferred stock yields had climbed to 13.6%.
The key risk is simple. Strategy’s model depends on market confidence. If investors remain willing to buy its shares or preferred instruments, the company can continue supporting its Bitcoin-heavy strategy. If Bitcoin keeps falling and financing becomes more expensive, that model becomes harder to maintain.
Strategy has also already tested investor nerves with a rare Bitcoin sale. MarketWatch reported that the company sold 32 BTC worth about $2.5 million in early June to fund preferred stock distributions. The sale was tiny compared with its total holdings, but it mattered because it challenged the long-running “never sell” narrative around the company’s Bitcoin strategy.
For now, the market is watching two levels at once: Bitcoin near $61,000 and MSTR near $100. If Bitcoin stabilizes, Strategy shares could find relief quickly. But if BTC loses the $60,000 area again, pressure on MSTR may intensify because investors will start focusing less on Bitcoin upside and more on funding risk, dilution, and the cost of keeping the strategy alive.
