GameStop Buys Bitcoin—Is BTC Set for a Breakout?

In Brief:

GameStop confirms Bitcoin purchase, mirroring MicroStrategy’s playbook; stock jumps 7% after-hours.

Bitcoin trades at $87.4K as whales accumulate and institutional flows surge, signaling potential breakout.

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GameStop has officially jumped into crypto. On March 25, the meme-stock icon announced it will add Bitcoin to its balance sheet, following a board-approved resolution. This move sent GameStop stock up 7% in after-hours trading, closing at $27.19.

This isn’t a total surprise. A photo of GameStop CEO Ryan Cohen meeting with Bitcoin maximalist Michael Saylor circulated months ago, followed by public pressure from major shareholder Strive Asset Management urging BTC adoption. Their call? “Improve financials via strategic Bitcoin allocation.”

Meanwhile, Bitcoin is holding steady. It fluctuates around $87,400, with on-chain data signaling a bullish undercurrent despite neutral market sentiment.

Whales Accumulating Behind the Scenes

Data from CryptoQuant and Glassnode show strong institutional moves:

• 17 transfers over $100M BTC in 24 hours
• On-chain volume up 268%, hitting a 3-month high
• 12,000 BTC moved to cold wallets, indicating custody, not sell-offs
• Whale wallets (1,000+ BTC) rose by 12, suggesting stealth accumulation
• Put/Call Ratio (PCR) down to 0.85, hinting at growing bullish sentiment

Additionally, Bitcoin’s Net Unrealized Profit/Loss (NUPL) dropped to 0.55, a sign that short-term profit-taking is underway—yet whales are quietly buying the dip.

Macro Wildcard: PCE Data on the Horizon

This Friday’s US Core PCE index could shift market momentum. The Fed’s preferred inflation metric is expected to rise from 1.6% to 2.7% YoY. If the reading surprises to the upside, it could push back expectations for rate cuts, strengthen the USD, and weigh on crypto short term.

Markets now expect 50–75 bps in cuts this year, possibly starting in Q3.

BTC Outlook: $90K Breakout or Pullback?

• Key Support: $87,000
• Key Resistance: $90,000
• MVRV Ratio: 1.98 (well below the bull cycle peak of 3.5)
• IV (Implied Volatility): Low—ideal for options strategies

TradingView analysts say now is the time for volatility plays or accumulation strategies as BTC shows signs of breaking out of its latest correction. If macro conditions align—rate cuts and softening trade policy—Bitcoin could make a move toward $100,000 this spring.

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