Bitcoin Falls Back After $64K Push While Strategy’s Big Sale Fails to Shake Market

Rewritten Version:

Bitcoin briefly reached $64,400 overnight before retreating, but it remains up about 6% on the week. Rising geopolitical tensions—triggered by a missile strike on a Qatari gas vessel in the Strait of Hormuz—pushed oil prices higher and tested the late-June ceasefire, while Asian tech stocks came under renewed pressure.

Bitcoin traded in the low $63,000s on Tuesday after failing to sustain its move above $64,000. The pullback left it mostly flat on the day, with prices hovering around $63,170 after the earlier rally faded.

This occurred despite Strategy announcing the sale of 3,588 BTC, valued at roughly $216 million—its largest disposal since abandoning its “never sell” stance. The market absorbed the sale with little disruption to the broader recovery.

Ethereum held near $1,770, up 11.6% for the week, while XRP and Solana maintained most of their gains at around $1.13 and $80. Most major tokens showed minimal movement on the day after driving the previous week’s rally.

The rebound has gained some traction, though it remains fragile. Bitcoin had dropped to a 21-month low near $58,000 in late June before recovering into the low $60,000 range. Even so, it closed the first half of the year down about 20%, including its first weekly close below the 200-week moving average since 2023.

Some derivatives traders view the recent sell-off as a late-stage shakeout rather than the start of a deeper downturn.

Yusuf Fakhro, partner at ARP Digital, noted that institutional demand has largely faded, citing CME futures open interest at a 32-month low and a compressed term structure not seen since early 2023.

He also pointed out that six-month options skew—reflecting demand for downside protection—has climbed to one of its highest levels on record, suggesting traders are paying a premium for protection even as the worst of the downturn may already be priced in.