Bitcoin trades at $101,102 after an 8.54% weekly decline pushed Trump Media’s $2 billion Bitcoin acquisition underwater, despite some bullish bitcoin price predictions earlier this year that pushed BTC above $120k ATH.
The company purchased between July 1 and 21, when Bitcoin traded around $118,000, and now holds over $1.3 billion in BTC as of September 30th.
Trump Media reported a $54.8 million loss in Q3, despite generating $28.7 million from Bitcoin premiums and interest. DJT stock hit a 52-week low of $12.70, declining 16% over the past week.
Trump Media amassed its $2 billion Bitcoin stockpile at $118,000, joining Wall Street’s growing trend of digital asset treasuries.
CEO Devin Nunes highlighted the “massive bitcoin treasury” as securing financial futures despite losses magnified by $20.3 million in SPAC merger legal fees.
Revenues of $972,900 increased 10% from Q2 but remained below 2023’s $4.1 million annual total.
Bitcoin’s decline since September 30 positions Trump Media for another Q4 loss.
The Trump family’s broader exposure includes World Liberty Financial’s $5.76 billion in holdings and Official Trump Meme’s $6.30 billion in holdings.
Notably, Trump Media has also recently announced expansion into prediction markets with Crypto.com.
Bitcoin tests the 50-week EMA at $100,887, a moving average that has provided support in three previous bull market instances.
The 780% advance from $15,000 to $132,000 over 24-35 months approaches the duration of a late-stage bull market.
Secondary support ranges from $95,000 to $97,000, with major support at $85,000 to $90,000.
Valuation metrics indicate that Bitcoin is 19% above its fair value. Whale accumulation patterns indicate consolidation expectations. Resistance emerges at $106,000, $110,000, and $120,000.
A successful defense of $100,000 support enables recovery toward $106,000-$110,000, followed by a possible advance toward $120,000-$150,000 over 2025-2026.
However, a breakdown below $98,000 accelerates the decline toward $90,000 to $95,000.
The near-term trajectory involves volatility between $95,000 and $110,000. Polymarket assigns a 48% probability to Bitcoin reaching seven figures first.
While Bitcoin tests critical support, its fundamental limitations remain – slow transactions and high costs keep it from DeFi, gaming, and payments.
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