Quick overview

Live BTC/USD Chart

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Investor sentiment was also briefly rattled after Michael Saylor’s MicroStrategy announced its first minor bitcoin sale (32 BTC for roughly $2.5 million) since the 2022 crypto winter. While the amount is a drop in the ocean compared to their total multi-billion dollar hoard, the psychological impact of their first investment created waves across related equity markets.

Bitcoin experienced a correction over the last few weeks, pulling back from its mid-June rally of $67,000.It is currently working to establish firm support above the psychological $60,000 threshold after facing heavy selling pressure.

:A massive shift in institutional momentum has put downward pressure on the market. US spot Bitcoin ETFs recently registered a record rolling 30-day net outflow, draining roughly $6.35 billion over six weeks.

:Macroeconomic sentiment remains cautious. Following recent Federal Open Market Committee (FOMC) updates under the Fed, persistent concerns over inflation and the potential for late-year interest rate hikes have pulled liquidity out of riskier assets, including crypto.

 Tensions in the Middle East, specifically regarding the Strait of Hormuz, have triggered broader “risk-off” behavior among global investors, temporarily stifling Bitcoin’s momentum.

Interestingly, on-chain data paints a diverging picture. While retail investors and short-term holders are selling into the dips, massive “whale” wallets (holding 1,000+ BTC) and custody desks have actively been absorbing the supply, viewing the current mid-$60k range as a favorable accumulation zone.