Bakhmut is at the conjunction of three major train lines and four major roads. Although official propaganda downgrades its importance now that Ukraine is about to lose it, the city has obvious strategic value.

From Moon of Alabama at moonofalabama.org:

‘Western’ media can not decide if Bakhmut is a strategic city or has little strategic value. They claim both is the case.

Bakhmut is of course of strategic value. It is covering the crossing of three major train lines and four major roads (M-03, M-32, T-13-02, T-05-13). As such it is the linchpin of the whole Donbas region. Besides that it also has some valuable mineral mines. […]

Bakhmut, Strategic Or Not, Is Falling, by Moon of Alabama — STRAIGHT LINE LOGIC