Breaking: Bitcoin (BTC) Soars Above Strategy's Average Purchasing Price

Bitcoin has shattered a major psychological barrier, surging past the $75,000 level for the first time since its mid-March highs.

The flagship cryptocurrency reclaimed the massive $75,577 average cost basis of corporate whale Strategy Inc. just one day after the firm announced another billion-dollar acquisition.

Bitcoin has pulled off a V-shaped recovery following a brutal multi-week correction.

Back in mid-March, Bitcoin established a local top near the $76,000 level before encountering massive resistance. This led to an unfortunate downtrend that bled the market throughout the remainder of the month, ultimately dragging the price down to a local bottom near the $65,000 support zone by late March.

The bulls finally regained their footing in April. Currently trading at $75,533, Bitcoin has cleanly broken out of its month-long consolidation phase.

With the $75,000 barrier broken and institutional buyers back in profit, analysts are already looking toward the next major psychological hurdle. Top on-chain analyst Willy Woo recently stated that the network’s underlying fundamentals are rapidly repairing, establishing $80,000 as the critical test level for the cryptocurrency’s next major leg up.

The market is finally healing from the catastrophic derivatives deleveraging event that occurred late last year, explaining that spot buying remains incredibly stable while the derivatives sector is making a successful second attempt at rebounding.