03.08.202611:48 Analisis Forex & Kajian: Saylor denies "never sell" policy

Michael Saylor's reaction to rumours about approval of a new Bitcoin sell-off was sharper than expected. In a series of posts on X, he said that Strategy never had a "never sell" policy and that the Bitcoin monetization program was announced on June 29 — 31 days before the Q2 report was published — not after the disclosure of the quarterly loss. According to him, the program does not require selling Bitcoin, and the company still expects to remain a net buyer of the asset over the long term. I should note that a month ago, Strategy announced, as part of its capital management framework, a scheme that permits the sale of Bitcoin for the stated purposes but does not obligate the company to do so.

The formal side of his argument stands up to scrutiny. Indeed, the limit on selling Bitcoin was built into the Digital Credit Capital Framework as early as June 29, long before the Q2 report was published a month later with the $8.32 billion loss. And indeed, the scheme does not force the company to sell: it merely reserves that possibility within an unused $1.25 billion limit for replenishing reserves, the proceeds of which can be used for dividends, interest, buybacks, taxes and related expenses. That detail previously allowed analysts to argue that such flexibility reduces the risk of forced, market-driven sales rather than increasing it.

Way harder to absorb is the principal claim that the company never adopted a "never sell" policy. In February 2025, Saylor himself wrote two words on X that became almost a sacred slogan for a generation of Bitcoin investors — "Never sell your Bitcoin." Dozens of other firms built their treasury strategies around those words, and the community came to treat them for years as a corporate as well as personal pledge to perpetual accumulation. Now Saylor distinguishes between those two levels, calling the phrase advice for private holders rather than a binding commitment by the company regarding its treasury — an explanation that reads more like a post-facto redefinition than an original position, given how closely the brand, shares and reputation were built around the image of an unyielding buyer.

Trading recommendations

Bitcoin

Buyers are currently targeting a return to $63,400, which opens a straight path to $64,800 and then to $66,000 — a break above which would signal attempts to regain bull market momentum. On the downside, buyers are expected around $62,000. A return below that area could quickly push BTC toward $60,600, with a further target at $58,500.

Ethereum

A clear hold above $1,880 would pave a direct path to $1,920. The further target is the high near $1,961 — a breach of which would indicate strengthening bullish sentiment and renewed buyer interest. On the downside, buyers are expected at $1,834. A return below that level could quickly send ETH toward $1,782, with a further target at $1,745.

What's on the chart

• The red lines represent support and resistance levels, where the price is expected to either pause or react sharply.
• The green line shows the 50-day moving average.
• The blue line is the 100-day moving average.
• The lime line is the 200-day moving average.

Price testing or crossing any of these moving averages often either halts movement or injects fresh momentum into the market.